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As many already know, the United States Consumer Price Index for October was announced yesterday morning coming in at a red hot 6.2% year-over-year growth, continuing its accelerating trend since May 2020. This is now the fifth month in a row with CPI gains over 5%. 

Let’s dig into the owner's equivalent rent, which rose to 3.1% and makes up nearly 24% of the CPI calculation this month. It has been a significant factor driving the CPI increase since May this year. That said, there are many critiques about how owners' equivalent rent is calculated. When looking at other, more robust data sources for calculating rent increases, it’s clear that owner’s equivalent rent vastly underestimates the current levels of rent inflation.

For example, one data source that we can use to gauge rental inflation is Redfin’s monthly rental market data which shows an over 10.5% year-over-year growth in rent prices for August. Also we can leverage the Zillow Observed Rent Index (ZORI) which shows 8.5% and 9.1% year-over-year growth for August and September, respectively. These data points would argue that owners’ equivalent rent is far off from reality. And this is just one key component of the CPI calculation.

The simple fact of the matter is that the high levels of inflation the U.S. and global economy are facing today is actually a welcomed sign for central bankers and policy makers. They might not explicitly state this, but the current environment of sustained high inflation coupled with 0% nominal interest rates is one that is favorable if you are actively looking to erode real debt levels.

As highlighted in "The Daily Dive #077, The Decade Long IMF Playbook," studies showed that the way to lower debt/GDP levels was through financial repression.

“Historically, periods of high indebtedness have been associated with a rising incidence of default or restructuring of public and private debts. A subtle type of debt restructuring takes the form of “financial repression.” Financial repression includes directed lending to government by captive domestic audiences (such as pension funds), explicit or implicit caps on interest rates, regulation of cross-border capital movements, and (generally) a tighter connection between government and banks. In the heavily regulated financial markets of the Bretton Woods system, several restrictions facilitated a sharp and rapid reduction in public debt/GDP ratios from the late 1940s to the 1970s. Low nominal interest rates help reduce debt servicing costs while a high incidence of negative real interest rates liquidates or erodes the real value of government debt. Thus, financial repression is most successful in liquidating debts when accompanied by a steady dose of inflation.”

-The Liquidation of Government Debt

It should also be noted that current readings of CPI when calculated with the gauge used in the 1980s has inflation coming in near 15% year over year, far above the 6.2% reading with yesterday's CPI measurement.

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by John Hawkins, The Conversation

As it hits new highs, there is no shortage of bold predictions about Bitcoin reaching US$100,000 or more.

Often these are based on not much more than extrapolations by people with vested interests: the price has gone up a lot so it will keep going up. If it gets above its previous high, it must keep going up.

There is also "charting" or "technical analysis"—looking at graphs and seeing patterns in them. There may be fancy terms such as "resistance levels" and "Tenkan-Sen." There is talk about "fundamentals."

Let's examine this last idea. Does Bitcoin have a fundamental value?

Calculating fundamental values

A fundamental value in traditional financial-speak means a value based on what return (or cash flow) is generated by an asset. Think of an apple tree. To an investor its fundamental value is in the apples it produces.

In the case of company shares, the fundamental value is the dividend paid from profits. A standard measure used by investors is the price-to-earnings ratio. In property, the fundamental value reflects the rent the investor earns (or the owner-occupier saves). For a bond, the value depends on the interest it pays.

Gold has a fundamental value also, based on its use for jewelry or dental fillings or in electronics. But this value is not why most people buy gold.

Fundamentals for cryptocurrencies

National currencies are different. Their value is in being a trusted and accepted unit of exchange.

In the past coins made with gold and silver had a fundamental value because they could be melted down for their precious metals. That's no longer the case with fiat currencies, whose value depends solely on people trusting that others accept them at face value.

Most cryptocurrencies, such as Bitcoin, Ethereum and Dogecoin are essentially private fiat currencies. They have no corresponding assets or returns. This makes it hard to determine a fundamental value.

In September analysts with Britain's Standard Chartered Bank argued Bitcoin could peak at about US$100,000 by the end of 2021. "As a medium of exchange, Bitcoin may become the dominant peer-to-peer payment method for the global unbanked in a future cashless world," said the head of the bank's crypto research team, Geoffrey Kendrick (a former Australian Treasury official).

Theoretically this could be possible. Globally an estimated 1.7 billion people lack access to banking services. But Bitcoin has been spruiked as the future of payments since its invention in 2008. It has made little progress.

There are at least two significant barriers. First is the computational grunt needed to process payments. Technology may overcome this. The second obstacle is harder: the volatility of its price.

Digital currencies that can maintain a stable value are more likely to become payment instruments. These include the existing stablecoins, Meta's mooted Diem and central bank digital currencies, already operational in some Caribbean economies.

So far the only significant company to have accepted payments in Bitcoin is Tesla, which announced this policy in March only to reverse it in May.

The only country to adopt Bitcoin as an approved currency is El Salvador (which also uses the US dollar). But it is far from clear what benefits there are. The laws forcing businesses to accept the cryptocurrency have also led to protests.

Bitcoin as digital gold

If Bitcoin has no real value as a widespread means of payment, what about as a store of value, like digital gold? It does have this advantage over most of the "altcoins." Its supply, like gold, is (arguably) limited.

One tool used by crypto enthusiasts to compare Bitcoin's scarcity with gold is called the "stock-to-flow" model. This approach claims gold holds its value because the existing stock of gold is 60 times more than the amount of new gold mined each year. The stock of Bitcoin is more than 50 times than the new coins "mined" annually.

But this does not explain why Bitcoin's price halved earlier this year. Nor does it have any theoretical basis in economics: prices don't depend just on supply.

Some Bitcoin promoters predict higher prices on the assumption funds managers will eventually invest an abritrary proportion, say 5%, of their funds in Bitcoin.

But such predictions implicitly assume Bitcoin, as the largest and best-known cryptocurrency, will continue to maintain its dominant position in the crypto market. This is not guaranteed. And there is no limit to the number of cryptocurrency alternatives.

Remember Bankcard? This credit card company once had 90% of the Australian market in the early 1980s. It was defunct by 2006. What about MySpace? Before 2008 it was a bigger social networking site than Facebook.

Here we go again

In September The Economist argued Bitcoin "is now a distraction" to the future of decentralized finance, with rival blockchain cryptocurrency Ethereum "reaching critical mass."

There are parallels between the Bitcoin bubble and the dotcom bubble of 2000, driven by overly optimistic assumptions about new technologies—and human greed.

Just as a few stars such as Amazon emerged from the wreckage of the dot.com bubble, so it is possible some applications of the block-chain technology underlying Bitcoin have enduring utility. But I doubt Bitcoin will be one of them.

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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US regulators are set to deliver a landmark ruling over a first-of-its kind exchange-traded fund (ETF) for bitcoin, which could open the crypto market up to billions of dollars worth of new inflow.

The Securities and Exchange Commission (SEC) has until 14 November to approve or reject the VanEck Bitcoin ETF, which has been under review for more than seven months.

Follow our live coverage of the crypto market

Investors have described the physically-backed, or spot, bitcoin ETF as a “seminal event” for BTC and the broader cryptocurrency market, with some hoping it will supercharge the current market rally and send bitcoin’s above $100,000 before the end of 2021.

Bitcoin is already up more than 300 per cent over the past year, reaching a new all-time high on Wednesday above $68,000, but has swung wildly in price in recent months.

The market volatility has largely been driven by major news within the crypto space, with Tesla’s announcement to accept BTC as a form of payment earlier this year driving the initial rally, before the reversal of this decision combined with China’s crackdown on cryptocurrency caused a major crash.

The latest price gains were spurred on by El Salvador’s announcement that it would introduce bitcoin as a legal form of tender, making it the first country in the world to do so, as well as rumours, and eventually approval, of the first ever bitcoin futures ETF.

The approval of a spot bitcoin ETF would be even bigger news for the market than a bitcoin futures ETF, as the fund maintains the custody of the cryptocurrency and gives investors direct bitcoin exposure, while also providing the security and regulatory protection traditional investors are used to.

“The futures-based ETFs are more expensive and less efficient than the spot-based,” explained Vetle Lunde, an analyst at Arcane Research, in a blog post last month. “This is a result of their complicated structure requiring more maintenance.

“ETFs could be very bullish for bitcoin. They will allow more institutional investors to invest in bitcoin through an easily accessible investment vehicle... [But] this could be a dicey period with high volatility. If the first final verdicts are negative, I would not be surprised to see turmoil in the futures market and new rounds of liquidations. A positive verdict, on the other hand, could lead to the opposite scenario.”

Not everyone is hopeful that it will get the go-ahead, with Eric Balchunas, a senior ETF analyst at Bloomberg, estimating the chance of the SEC approving the ETF as “about the same chance of the Eagles winning the Superbowl”. He tweeted earlier this week: “We haven’t given any formal odds but I’d say odds prob like 200-1.”

Some analysts warn a rejection could cause a reversal of the market momentum into a potentially deep bear market, as has happened following previous bull runs in 2013 and 2017, however others suggest that the days of bitcoin’s 70 per cent pullbacks are behind it due to this year’s influx of institutional capital and increase in adoption.

“While this recent price rally can be attributed to movements like the approval of the first bitcoin ETF for institutional investors, we can’t ignore the impact of significant development and adoption in emerging markets,” Ray Youssef, co-founder and CEO of Paxful, a peer-to-peer fintech platform, told The Independent.

“For example, more developers are entering the space, the Lightning Network is seeing a massive rally with the support of Twitter’s Jack Dorsey, and countries like El Salvador have adopted bitcoin as legal tender.”

Should the SEC reject the VanEck bitcoin ETF, there are currently more under consideration. Earlier this week crypto lender BlockFi and investment management firm Neuberger Berman joined forces to file a spot bitcoin ETF with the US regulators.

A research note published by the crypto platform Luno this week attributed bitcoin’s latest all-time high to “traders seeking to front-run” the response of the SEC, with the additional filings adding further to the positivity.

“Optimism is growing in the market,” it stated. “A VanEck rejection does not necessarily imply that these other filings will receive the same verdict.”

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Bitcoin price hits record all-time high amid crypto market frenzy

Volatility is the name of the game in the cryptocurrency market and the Nov. 11 evening sell-off in the price of Bitcoin (BTC) is a reminder that new all-time highs are often followed by sharp whipsaws to underlying support levels. 

Data from Cointelegraph Markets Pro and TradingView shows that after dropping to a low near $62,800 late on Nov. 10, the price of Bitcoin managed to claw its way back up to the $65,000 level where bulls now look to consolidate and regroup for another push higher.

Here’s a look at what analysts are saying about the outlook for Bitcoin and the cryptocurrency market as concerns about rising inflation dominate the news headlines in the U.S.

Bitcoin dips are “transitory”

The sight of a rapid $7,000 decline in BTC may have come as a shock to some, but for analyst and pseudonymous Twitter user ‘Nunya Bizniz’, the price action over the past couple of days is par for the course and transitory in nature based on Bitcoin's past performance.

As observed in the chart below which shows the Bitcoin price along with its 20-day moving average (20-MA), it’s common for a run-up in the price of BTC to be followed by a pullback that touches or briefly dips below the 20-MA before once again heading higher.

Evergrande and inflation affect the market

Insight into the macro factors at play was provided by Jean-Marc Bonnefous, head of asset management at Tellurian ExoAlpha, who highlighted the fact that “there has been much talk about the impact of the Evergrande story on the recent sell-off in the market.”

As a way to make the development more relatable to cryptocurrency holders, Bonnefos stated that the “Evergrande news is to equities what Elon Musk tweets are to cryptos” in that it is “somewhat manipulated news to move markets.”

According to Bonnefos, “the crypto markets seem to be overreacting” to the headlines, and “the recent dip is probably more of a technical consolidation after the sharp rally of the last few days.”

And it’s not just negative headlines about Evergrande and tweets from influencers that are affecting the price action in the crypto market. According to Bonnefos, the recent 6.2% rise in the U.S. Consumer Price Index (CPI) also points to a major factor influencing the global financial markets and the price of Bitcoin.

Bonnefous said,

“The recent shocking inflation numbers in the U.S. should be a supportive fundamental driver for Bitcoin prices, beyond the short term tactical selling pressure.”

Related: Here’s why Bitcoin losing $6K in hours was good for BTC price action

Bitcoin is in the process of a necessary retest

A final word of encouragement was offered by analyst Twitter user ‘GalaxyBTC’, who posted the following chart outlining one possible trajectory for the price of BTC to reach $75,000 in the short-term.

The analyst said,

“Yesterday's retest was needed to continue the bull run in a healthy manner. I think we will start pumping harder now.”

The overall cryptocurrency market cap now stands at $2.847 trillion and Bitcoin’s dominance rate is 43.1%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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William Patalon III

At the very start of this year, Alternative Wealth Daily advisory board member colleague David Zeiler - a close friend and a respected cryptocurrency expert who actually mined Bitcoin back when individuals could still do so - shared a bold prediction with us here.

The prediction: Bitcoin would triple - and reach $100,000 - by the end of 2021.

At the time, the crypto bellwether was trading at about $31,400.

By mid-April - just ahead of the stock market debut of cryptocurrency exchange Coinbase Global Inc. (NASDAQ: COIN), Bitcoin had zoomed to a record high up near $65,000.

In short, the blue-chip digital currency was already two-thirds of the way to Dave's target.

But that peak has been followed by twin sell-offs, the first in late May and the next one in late June - both of them wrenching. Crypto prices crashed: Bitcoin has traded as low as $29,031 - a peak-to-trough decline of 55.2% from the then-record peak of $64,829 hit back in April.

Coinbase took a nasty hit, too.

Although COIN had a "reference price" of $250 a share for its IPO, the stock shot out of the gate at about $381. It briefly traded above $429 - giving the company a market value in excess of $100 billion. It finally ended that energetic first day at $328.28.

But then the crypto sell-off absolutely nuked the crypto broker - taking it all the way down to $208 a share.

But we saw a comeback - for cryptocurrencies in general, and Coinbase, too. (And that's why I've consistently recommended my Private Briefing subscribers accumulate shares.)

Coinbase is now at $340. And Bitcoin has zoomed to nearly $69,000, before the latest sell-off dropped it back to $60,000.

With the end of the year just weeks away, we want to make sense of it all.

We want to tell you what we see next - for this final slice of 2021, and for the first part of the New Year.

To do that, we're going back to the source - to Dave Zeiler.

The last time I sat down with Dave, in late July, Bitcoin had been whipsawing for months.

His take back then: Nothing was amiss - it was just a case of "'Bitcoin being Bitcoin."

His advice back then: Don't allow that display of crypto-cantankerousness to chase you away from what he continues to see one of the single-biggest "windfall windows" he sees.

Within the cryptocurrency world, there are plenty of places to make money. And we're going to show you some of them here today.

Identifying the "Fearsome Four"

In that early January interview, Dave predicted Bitcoin would hit the $100,000 by the end of this year. There are four weeks to go.

Bitcoin Millionaire Makes Stunning Prediction: One of America's earliest Bitcoin millionaires... a guy who mined Bitcoin from his garage... says "DON'T buy Bitcoin until you watch this interview."

To shed some light on the situation, I reached out to Dave once again and spent more than an hour reviewing the broad market, individual cryptocurrencies, and the strategies needed to capitalize on it all.

I came away with what I'm calling the "Fearsome Four" - the four things every cryptocurrency investor has to know to sidestep the biggest risks and grab maximum profits. These are the key questions you need to have answered to position yourself for maximum long-term cryptocurrency gains.

Those questions:

What the heck is the deal with all this whipsawing volatility? Where do we go from here? It's no longer just Bitcoin and Ethereum: What are your top crypto plays, and how about sharing some "Lotto-Ticket Picks?" And, finally, what should investors do to protect themselves? What are some strategies folks can use to manage risk? And (as part of that) which specific cryptos are you telling investors to avoid?

The key takeaway from this latest talk is to resist giving in to emotion - both euphoria when Bitcoin is soaring... and panic when it's plummeting.

The pattern of volatility repeats itself over and over again. Like a bowling pinsetter that clears away the "dead wood," the net effect is to chase away the "weak hands" - investors who aren't really sold on crypto's future. That gives investors with the long view prime opportunities to build positions in an asset that's ultimately headed higher.

"Folks who have been investing for a long time see each correction as a chance to buy more Bitcoin before the next leg up," Dave told me. "Their mantra is, 'Buy the Dip.' And it's worked out for them."

Here's an edited transcript of my talk with Dave.

We're Decrypting Cryptocurrencies Here

WPIII (Q): Okay, Dave ... I joked about the "Fearsome Four"... and with good reason: In the face of almost-constant whipsawing, an endless flow of confusing headlines and competing "expert" opinions, there are really just four questions that folks investing in Bitcoin and its brethren need to have the answers to.

These are pretty much the same questions (in some form) that we keep coming back to...

DZ (A): When you think about it, Bill, it makes sense that we keep coming back to these questions. Because what investors are really thinking (to themselves) is: "It's the same pattern ... but is it headed toward the same outcome? Or are things 'different this time'? When Bitcoin goes up, you'll hear that it's going 'to the moon.' When Bitcoin goes down, there are always some voices saying, 'This is it, it's over. Bitcoin is going to zero.'" Reactions like that are based on emotions, and aren't helpful.

People need information that can help them navigate these rough new waters. And they want answers they can trust.

WPIII (Q): Hence the "Fearsome Four." In fact, by posing those same four questions - and testing if the answers we've given folks still hold true - we can revisit the "Bitcoin Baseline" we've kinda established with the answers to those queries.

DZ (A): [Nodding] Precisely.

WPIII (Q): So let's start with that first one: "What's the deal with all this volatility?"

DZ (A): Well, volatility has always been a part of Bitcoin. Bloomberg recently reported that Bitcoin volatility has declined over the years, but ...

WPIII (Q): It sure doesn't feel like it...

DZ (A): No, it sure doesn't.

WPIII (Q): So, man, what's at work here?

DZ (A): Some of it is driven by "whales" - the people who own and trade large amounts of Bitcoin. Although you can track their activity on the blockchain, no one knows for sure who these whales are and why they buy and sell when they do.

Most of the bigger moves, though, are driven by news. All the talk about China's so-called crackdown on Bitcoin in May roiled the market for months. People were also worried about chatter about Bitcoin mining consuming excessive amounts of energy and making climate change worse.

Finally, there have been persistent rumblings in Washington this year about the need to regulate cryptocurrencies. Every time Treasury Secretary Janet Yellen or SEC Chair Gary Gensler says anything vaguely negative about crypto, prices fall. The infrastructure bill created a stir over unclear language about taxing crypto "brokers" - the definition of "brokers" is too broad and could affect crypto players like miners who aren't really brokers.

WPIII (Q): Investors hate uncertainty - in any slice of the financial markets.

DZ (A): That's just it, Bill. All of this stuff injected a lot of fear directly into the market - fear that took a long time to work through and to wear off.

But it finally did wear off - and Bitcoin finally bottomed out in mid-July. After that we saw a string of positive developments that pushed the price back up.

WPIII (Q): It's been on a tear since then, right?

DZ (A): Yes, the Bitcoin price doubled in four months, although we had another pullback over the past week.

For years, the cryptocurrency market has been solely dominated by Bitcoin. But that's all changing. The proof is right here. As you'll see, these new and barely known microcurrencies are going through the roof! Check it out.

WPIII (Q): What caused the turnaround?

DZ (A): As usual, it was a combination of catalysts reinforcing each other. Some are news events, but one long-term catalyst has served as a driving force for months now.

WPIII (Q): Inflation - a huge swath of today's investors have never experienced it before.

DZ (A): Correct. On both counts. We're currently seeing inflation like we haven't seen since the late 1970s - when you and I were teenagers. This feeds right into the notion of using Bitcoin as a store of value, a hedge against inflation.

Aside from that, we had a series of positive news events. One was the launch of the first Bitcoin ETF, the ProShares Bitcoin Strategy ETF (NYSE: BITO). It wasn't as big of a deal as it could have been because this ETF is based on Bitcoin futures. A spot-based Bitcoin ETF, which would hold actual Bitcoin, would be a better investment, and would more accurately reflect the daily Bitcoin price. If the SEC ever approves a spot-Bitcoin ETF, that alone could spark a rally.

In September, an El Salvador law went into effect that made Bitcoin legal tender in that country. It's the first country to do it, but a lot of people think other emerging market countries will follow suit. These countries either have weak native currencies or use the U.S. dollar, which puts them at the mercy of the U.S. Federal Reserve and U.S. government. Moves that might be good for America aren't necessarily good for the nations that have adopted the U.S. dollar as their primary currency. Rising use of Bitcoin in emerging markets is one of the main reasons tech-investor Cathie Wood - someone I know your subscribers know very well - is so hot on Bitcoin.

Then you had Bank of America Corp. (NYSE: BAC) launching coverage of Bitcoin, which it did in October.

WPIII (Q): And it wasn't just that it initiated coverage of Bitcoin - it initiated coverage of all "digital assets," in fact. Here's a mainstream investment bank telling everyone it's doing this because Bitcoin et al. are now "too big to ignore." Not that all coins worth owning are huge; some of the most intriguing crypto opportunities are on the small side.

DZ (A): Exactly, Bill. That really, really tells you something.

WPIII (Q): Okay, so we're up to date. So that brings us to our second question: "What's next for cryptocurrencies? Where do we go from here?"

DZ (A): Despite all that's happened over the past couple of years, it's still really early for crypto. I believe we're going to see cryptocurrencies become more pervasive in the financial system. Crypto wants to replace the incumbents. But the incumbent financial institutions - the big banks and investment firms, like Bank of America, for instance - have started to adopt crypto, albeit in very small ways, for now. But it's happening, and it will keep happening. Eventually, crypto will be completely integrated into the financial system. And it won't be a big deal; it'll just be the "new normal."

I also think that U.S. regulators have now finally realized they can't keep kicking the can down the road when it comes to crypto regulation. They're starting to make more of an effort toward understanding it so they can come up with common sense rules. Granted, it won't be easy. Crypto is a new asset class. And it has characteristics of stocks, commodities, and currencies. But they need to figure it out, and the sooner the better. While some people in crypto don't want regulation, the reality is that regulation will remove a major source of uncertainty that weighs down the sector. That will increase confidence in crypto as an asset, which will help push prices higher.

WPIII (Q): This is really the latest step in the ongoing evolution of money itself, isn't it?

DZ (A): Absolutely, Bill... well said. In fact, you made this case in a pretty eloquent fashion in a Private Briefing column awhile back. Folks should go back and check it out. And I agree: This is the latest step in the progression of money.

People also need to bear in mind that the time frame for the crypto revolution will be measured in years - and I mean years in terms of decades.

We're already a whole decade in. While Bitcoin has gone through several major crashes, a look at the all-time chart shows a consistent rise in price. People need to stay focused on that big picture and not worry so much about the short-term volatility. Three years from now, Bitcoin will be much higher than it is today. A decade from now, higher still. This is a buy-and-hold type of investment.

WPIII (Q): That brings us to the third of our four key questions: "It's no longer just Bitcoin and Ethereum: What are your top crypto plays, and how about sharing some 'Lotto-Ticket Picks'?"

Something new is coming... and it's about to revolutionize the entire crypto market. It's a technology so advanced that it makes Bitcoin look like a horse and buggy. This could be the greatest wealth generator of our lifetime. Watch here.

DZ (A): Well, for beginners I still recommend starting with Bitcoin and Ethereum. They're No. 1 and No. 2 for a reason. They should form the foundation of any crypto portfolio. That said, I see plenty of "next-tier" cryptocurrencies that have a lot of potential.

My favorite is Cardano (ADA), a "platform" type of crypto like Ethereum. Cardano is knocked a lot among crypto folks because it has been slow to adopt new features. But that's intentional, and what I like about it. The developers have gone to exceptional lengths to make sure the technology is rock solid. In the long run, I think Cardano will emerge as one of crypto's biggest winners.

Other projects I like include Polkadot (DOT) and Cosmos (ATOM). Both have strong developer teams and strong use cases.

As for "lotto ticket" cryptocurrencies, I'm going to share a couple of plays that have two driving forces behind them. Not only are they cryptos, they're aimed at enabling advances in artificial intelligence (AI). One is called Fetch.ai (FET) and the other is called SingularityNet (AGIX). Bill, I know you've talked about how important AI will be in the years to come. These coins are both under-the-radar bets on the future growth of AI. If successful, both Fetch and SingularityNet could skyrocket 10x, 20x, or more.

I know Tom Gentile, one of the early crypto millionaires, has two smaller coins "locked and loaded right now." They have the potential to do 10X what Bitcoin could over the year ahead.

WPIII (Q): Wow. That's incredible. How about crypto-based stocks for investors who want to use the equities market to get exposure to crypto? Let's start with Coinbase Global Inc. (NASDAQ: COIN), which we recommended to my paid subscribers back in April.

DZ (A): Yes, Coinbase is still a solid pick. It has set itself up as a toll collector in the crypto space, onboarding investors that are mostly new to crypto and making money by charging fees for trades. COIN is very well-positioned to capitalize on the growth of crypto and its evolution into a mainstream investment. It's already operating in more than 100 countries, has high brand recognition, and excels at ease of use.

WPIII (Q): The last time we talked, in late July, COIN was down around $235. We told folks to snag some shares back then. In fact, you specifically described it as "a terrific place to start or add to your stake." And you were correct - now it's trading at about $335, a 43% gain in less than four months.

DZ (A): Nothing like a great call...

WPIII (Q): Are there any other crypto stocks you like right now?

DZ (A): Yes, a couple. One is Voyager Digital Ltd. (OTC: VYGVF), a U.S.-based crypto brokerage. In the September quarter, Voyager generated more revenue from crypto trading than Robinhood, which gets way more attention. Voyager is also seeking a listing on the Nasdaq, which would give the stock a huge boost.

The other is a Bitcoin mining stock based in Australia, Iris Energy Ltd. (NASDAQ: IREN). It just had a U.S. IPO last week. Iris sets itself apart in several ways. For one thing, 98% of the energy it uses is from renewable sources. That's an advantage now that so many critics have attacked Bitcoin mining for using fossil-fuel-generated electricity and contributing to climate change. But I'm fired up about the plans for growth. Iris has contracts to buy enough mining equipment to increase its capacity 21x by September 2023. And while IREN has slipped back a bit from its offer price, I see that as a great opportunity for retail investors to get in a great price.

WPIII (Q): Great. That brings us to the fourth, and final, question: "What should investors do to protect themselves? What are some strategies folks can use to manage risk? And which specific cryptos are you telling investors to avoid?"

DZ (A): One thing I always say is not to invest money in crypto that you can't afford to lose. A lot of folks see the big returns others are bragging about and are tempted to start dumping every dollar that have into crypto. I suggest people start out just putting in 2% or 3%, no more than 5%, of their investable money.

And when you do get a big gain, a 2x or 3x or 5x, then sell off 10% or 20% of those profits At least take the money out you put in. That way, if the crypto market crashes, you're not losing money. If the crypto market soars, you're still in the game and making more gains. That's the best strategy for crypto investing.

As for cryptos to avoid, I say watch out for the "meme" cryptocurrencies. By that I mean cryptos like Dogecoin (DOGE) and Shiba Inu (SHIB). They don't have real value. Coins like that are totally community-driven. A bunch of people on social media decide to drive the price up, so they all buy and the price goes up. But sooner or later, they get bored and stop buying - and the price starts falling. Look at Doge. It was trading at more than $0.70 at its peak in May. Now it's trading at about $0.20. You don't want to buy into that hype then get stuck holding the bag after everyone else sells.

WPIII (Q): Thanks to Alternative Wealth Daily's Dave Zeiler for his insights. Rest assured - as we do with all our recommendations - we'll circle back with updates. And we'll see you back here next time.

Crypto Expert: "Get Ready for Dozens of Bitcoin-Like Windfalls"

Bitcoin has famously gone up 7.3 million percent since 2010. It turned ordinary people into millionaires - even billionaires.

Can history repeat itself?

According to one crypto millionaire, it's about to repeat itself - over and over and over again.

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Before he moved into the investment-research business in 2005, William (Bill) Patalon III spent 22 years as an award-winning financial reporter, columnist, and editor. Today he is the Executive Editor and Senior Research Analyst for Money Morning at Money Map Press. With his latest project, Private Briefing, Bill takes you "behind the scenes" of his established investment news website for a closer look at the action. Members get all the expert analysis and exclusive scoops he can't publish... and some of the most valuable picks that turn up in Bill's closed-door sessions with editors and experts.

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A bitcoin mining operation is opening northeast of Niagara Falls this month on the site of the last working coal plant in New York State.

Across the state, a former aluminum plant in Massena, already one of the biggest cryptocurrency sites in the United States, is expanding.

And in Owego, a metal-recycling mogul with 11.3 million Instagram followers is making a gritty start-up with banks of computers in shipping containers next to a scrapyard.

Soaring Bitcoin values may be the investment talk of Wall Street, but a few hours north, in upstate New York, the buzz is about companies that are scrambling to create the digital currency by “mining” it virtually with all types and sizes of computer farms constantly whizzing through transactions.

In just a few years, a swath of northern and western New York has become one of the biggest Bitcoin producers in the country. The prospectors in this digital gold rush need lots of cheap electricity to run thousands of energy-guzzling computer rigs.

The area — with its cheap hydroelectric power and abundance of shuttered power plants and old factories — was ripe for Bitcoin mining. The abandoned infrastructure, often with existing connections to the power grid, can readily be converted for Bitcoin mining.

The companies say they are boosting local economies by bringing industry back and creating a crypto vanguard north of New York City, where Bitcoin stock, though unpredictable, hit record highs on Wall Street this year and which the incoming mayor, Eric Adams, envisions as a cryptocurrency hub.

But the surge of activity has also prompted a growing outcry over the amount of electricity and pollution involved in mining for Bitcoin. Globally, cryptocurrency mining is said to consume more electricity annually than all of Argentina. China, once home to perhaps two-thirds of all crypto mining, banned the practice this year to help achieve its carbon-reduction goals, driving some miners to New York.

As a result, environmental groups say, the Wild West-style scramble, coupled with a lack of restrictions on Bitcoin mining, is threatening the state’s own emission-reduction goals, which call for more renewable power and rapid reductions in fossil-fuel emissions.

Bitcoin mining companies often require only basic building or planning permits from local governments, many of them faded industrial towns eager for any new business-tax revenue they can generate.

In the Finger Lakes region, a former coal plant on pristine Seneca Lake has been converted into the Greenidge Generation natural gas-burning plant, which now powers Bitcoin mining on site. Near Buffalo, a Bitcoin company is seeking cheaper electricity by taking over a part-time gas-fired power plant and revving it up for round-the-clock use.

The resulting uptick in greenhouse gas emissions will hasten the impact of climate change, say environmental groups like Earthjustice and the Sierra Club, which are monitoring the upstate New York’s many old natural-gas plants that could be readily repurposed as Bitcoin mining operations.

Plants that buy renewable energy from the grid have also drawn complaints. Since a large Bitcoin mining plant can use more electricity than most cities in the state, environmentalists warn that crypto mining will leave other areas dependent on fossil fuel power.

The abundance of hydroelectric power and other kinds of renewable energy upstate helps large mining companies that buy it in bulk promote themselves as environmentally conscious.

The plant opening northeast of Niagara Falls this month, in Somerset, N.Y., is part of a $550 million project by Terawulf, a Bitcoin mining company. The project also includes a proposed 150-megawatt data center at a former coal plant on Lake Cayuga in the Finger Lakes.

Paul Prager, Terawulf’s chief executive, said the Somerset plant would make use of hydroelectric power salvaged from the falls that is otherwise difficult to send to other locations because of grid congestion.

And because the plant would comply with state environmental rules and not cause air pollution, he said, “we look at regulations as a really good thing.”

But despite requiring companies that engage in many aspects of Bitcoin activity, including trading the currency, to obtain a license, New York places no restrictions on mining.

Some municipalities, including Plattsburgh and Massena, two early Bitcoin-mining destinations near the Canadian border, have resorted to moratoriums on the practice.

The bans have since been lifted, but some lawmakers want to make New York one of the first states to prohibit certain types of Bitcoin mining. In June, the State Senate approved a bill that would have imposed a statewide moratorium on some fossil-fuel-powered mining; the legislation died in the Assembly.

“It has been easy for these companies to fly under the radar because the whole industry is confusing to understand, at first,” said Assemblywoman Anna R. Kelles, a Democrat who represents the Ithaca area and sponsored the bill. “It’s too new of an industry not to be regulated federally or statewide in respect to greenhouse gas emission and the effect on water and air.” (Ms. Kelles said she planned to revive the bill next year.)

For the same reason, some environmental activists have urged Gov. Kathy Hochul to issue an executive order to ban some crypto mining.

In 2017, the shuttered coal plant on Seneca Lake was converted into the Greenidge natural gas-burning plant by Atlas Holdings, a private equity firm with $6 billion in holdings. Greenidge now promotes itself as the first publicly traded company with a bitcoin mine integrated as a part of a power plant. The plant has a 106-megawatt capacity, allowing it to generate enough electricity to power around 85,000 homes.

Atlas’s chief executive, Dale Irwin, said in a statement that the plant was “creating a new economic engine bringing a piece of the world’s digital future to upstate New York.”

But the plant’s greenhouse gas emissions have increased along with its mining activity, and so has opposition from some local residents who call the plant an environmental threat to this rural stretch of vineyards, farm stands, pristine waterways and world-class gorges.

A local blogger has reported on Greenidge’s permit to draw more than 100 million gallons of water a day from Seneca Lake for cooling purposes and to then return it at warmer levels to a nearby trout stream tributary.

Mr. Irwin said the outflow posed no danger and that lake temperatures, measured daily by independent sources, had not been affected.

And although the plant’s emissions have increased since 2019, he said, they were still well below state-permitted levels. The plant poses no environmental threat, he insisted.

Greenidge is applying to the state to renew air emissions permits, and opponents see an opportunity for the state to curb the company’s expansion.

Elected officials, including U.S. Senators Kirsten Gillibrand and Chuck Schumer, have asked state and federal regulators to review the plant’s application closely.

With political and public pressure mounting, Basil Seggos, the state’s environmental conservation commissioner, wrote on Twitter in September that “Greenidge has not shown compliance with NY’s climate law.” He urged residents to participate in the public comment period regarding the permit renewal.

To build several structures at the plant, Greenidge obtained local planning board approval in April from the town of Torrey.

Patrick H. Flynn, 79, a farmer and the Torrey town supervisor, called Greenidge a boon to the area and said that renewable energy was “overrated.”

“We can’t restrict a business,” he said. “Whether they’re making Bitcoin, it’s no different than raising cattle or pigs or chickens.”

Yvonne Taylor, the vice president of Seneca Lake Guardian, a local conservation group, accused state officials of failing the public by not requiring an environmental review before issuing permits to Greenidge, and by essentially leaving approvals to local governments.

“It can’t be a town-by-town fight,” said Ms. Taylor, a speech pathologist whose family has lived on Seneca Lake for generations. “We need the governor to step in. If she wants to be a champion on climate, she needs to adopt a moratorium on this type of energy-intensive cryptocurrency, or we’ll never achieve our climate goals.”

Greenidge’s case is not unique. Digihost, the Bitcoin company in Buffalo that is reviving a gas-fired power plant, has faced criticism that the increased gas emissions will affect areas long plagued by industrial toxins. Among them is Love Canal, the Niagara Falls neighborhood that became infamous for the toxic landfill that harmed of hundreds of residents.

But local officials approved Digihost’s plans largely because the environmental toll of the new operation seemed minimal compared with the benefits the company was expected to bring, including new jobs and up to $1 million in annual fees for municipal water to cool the plant, said Robert Pecoraro, the president of the common council in North Tonawanda, where the plant is.

Digihost officials say the plant will operate within state emissions limits, begin shifting to more renewable energy sources over time, feed the grid when needed and help western New York keep up with the tech industry while creating at least 30 permanent jobs.

Mr. Pecoraro stood outside the gas plant recently and watched workers build a large shed to house the new servers. He said he did not understand the opposition to Digihost and the economic boost it would bring to the area.

“A lot of industry has left over the years” he said. “And here we are trying to bring Digihost in and people are fighting us on that.”

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Anyone who has studied bitcoin for a while knows that proof-of-work in bitcoin mining is the key to the security and to the unforgeable nature of the protocol. Bitcoin mining in 2021 requires that miners use purpose-built computers [called ASIC’s] to convert real-world energy [more than 50% of which is renewable and stranded energy] into encrypted digital monetary energy.

By using this proof-of-work and following consensus rules, bitcoin miners (and node operators) secure this decentralized network one block at a time approximately every ten minutes. Some have even called it triple-entry bookkeeping. And the system is designed to work in a way that makes forgery, hacking, theft, cheating or double-spending coins all but impossible. One metaphor that is used to describe this is adding a block to the bitcoin timechain is like adding a floor to a skyscraper. To fully understand how this works is far beyond the scope of this article but the key design of this system requires the use of real-world energy so you can’t cheat or game the system. By contrast, Jay Powell at the Federal Reserve Board can increase the U.S. money supply by the trillions, with a few keystrokes.

I’ve served as a business relationship coach for over 30 years. To clients this meant I was an executive coach, their business development coach, their leadership coach, their time management coach or their performance coach. One of my dearest friends and colleagues David Lerner taught me an idea from his coach training that he called “completing a unit of work.” His unit of work in coaching is similar to proof-of-work in bitcoin mining. The idea as a coach (or leader charged with getting stuff done through others) is to complete at least one unit of work with the client or direct report during every meeting. Too often I see leaders in organizations fail to make their conversations with employees a unit of work or a conversation for action. (In the old days, we’d hear the expression “There is no such thing as a free lunch.”)

In my business model, that meant the client would learn and apply at least one concept or be willing to experiment with one new action, approach or skill on every call. And we’d follow up on how it worked in the next call. Rinse and repeat. When clients complete at least one unit of work during every meeting or call during a three- or six-month stretch they are amazed at how much their performance improves. Sometimes this involved clients getting over self-limiting beliefs that held back their performance and other times it involved learning how to effectively delegate work that was better handled by another person in their organization. In all cases, the focus was on deepening the relationship my client had with one or more people. Unlike most people in the business world, I tend to see an organization through a relationship lens not just a financial lens. At its core, every organization is no more or less than the relationships it cultivates within and outside. Strengthen the relationship and communication between the CEO and their chief financial officer and the numbers will almost always work out well.

In the past three decades, I’ve held over 20,000 meetings and phone calls with clients where completing at least one unit of work was my “proof of work.” I’ve never added up data on it (I have notes of almost every call and meeting) but it was the rare call or meeting that didn’t end with the client agreeing to at least one action step. That meant we had “proof of work.” The action step could be an awareness exercise as simple as “keep track of how many times you said yes when you wanted to say no.” Or the action step might be as specific as “I will call Charlene as soon as we end this call and invite her to speak at our next conference or practice group meeting.”

What I’ve learned from these cumulative experiences and my study of Bitcoin mining is that it pays handsome dividends for any organization to have a proof-of-work system. Your performance and that of your peers and colleagues will transform when you operate with a proof-of-work system. For example, those in construction can visibly see the progress they make every day. I worked as a carpenter during summers between college and law school, and our daily progress was always quite visible.

Admittedly, determining proof of work in an office or service business is more difficult and requires thought. One way to learn how a client defined proof of work was to ask them this question at the start of our work together: “What will success look like from our work together?” Sometimes their answers were vague and other times they were very detailed and insightful. Often we’d develop a set of metrics based on those answers which gave them a way to keep score on a daily or weekly basis. Hitting those metrics was their proof of work. For example, if you are aiming to expand your network of high net worth people your metric might be to add one new high net worth person to your network each week. There is no one-size-fits-all way of determining proof of work, but bitcoin raises the bar on what is possible.

This entire industry is filled with people who get stuff done. Instead of thinking that only bitcoin miners or world class athletes need to do proof of work, ask yourself how you might gauge proof of work in your company? What does proof of work look like in your company? If you have one you’re willing to share with Bitcoin Magazine, please reach out! We’d love to hear from you.

This is a guest post by Mark Maraia. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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Bitcoin (BTC) and its relatives have suffered a bumpy 2021, from which it appeared they were recently emerging. But with just weeks to go before 2022, a crash has capped several coins at the knees, BTC among them. Experts estimated the flash crash wiped $300 billion from the market since last week, and experts have identified several potential culprits. 

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BTC is reeling from a sudden selloff that caused it to lose 30 percent, descending from $69,000 to $51,000 apiece.

The token has since caved further and is currently at $48,305.55, with others, such as Ethereum and Binance coin, also struggling.

They have fallen from $4,500 to $4,051 and $612 to $564 respectively over the last 24 hours.

READ MORE: Cryptocurrency warning as India bans crypto - 'unintended consequences

Why is Bitcoin crashing? Market wipeout follows stern Federal Reserve warning (Image: GETTY)

Bitcoin crashing: Bitcoin crashed by more than 30 percent (Image: COINMARKETCAP)

UK courts can freeze stolen Crypto

The overall decline is a symptom of lost confidence amongst market participants.

The mass selloff came alongside a similar downturn in the stock market and followed a warning from one longtime investor.

Louis Navellier warned that the proposed "tapering" by the Federal Reserve would burst the flourishing crypto bubble.

He recently wrote tapering would create a "correction in risk assets, of which bitcoin is a part".

Bitcoin crashing: Bitcoin and other cryptocurrencies have struggled in 2021 (Image: GETTY)

Mr Navellier added that as the organisation tapers, it will inflame volatility, sweeping across "both stocks and bonds" as well.

The volatility would hit established currencies but the least valuable first.

Ultimately, they could result in BTC losing up to 80 percent of its value, potentially dropping below $10,000.

Mr Navellier set out potential warning signs such a dramatic decline was on the way.

Bitcoin crashing: Ethereum also dropped, but less than some of its other relatives (Image: COINMARKETCAP)

Trader loses almost $2m Bitcoin fortune after password theft

He said he would see a decline "below $46,000" as a "yellow flag" and anything below $28,500 as a "completed massive double top".

That, in turn, would point towards "a decline to below $10,000".

Mr Navellier's comments aren't the only factors currently scaring investors, as real-world events are too.

The Omicron Covid variant has emerged as one of them, as infections leave people "jittery".

Omicron has spread through several countries since South African scientists sequenced it in late November.

Health officials fear it could escape the immunity afforded by vaccines, although evidence does not point to this as of yet.

Some nations, including the UK, have issued travel bans, harking back to the early days of the pandemic in 2020.

Vijay Ayyar, head of Asia Pacific at Singaporean crypto exchange Luno, told Bloomberg the variant makes it "hard to say what that means for economies and markets and hence the uncertainty”.

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A closely followed crypto analyst and trader is naming one altcoin that he believes will reignite the crypto bull market.

Pseudonymous crypto strategist Credible tells his 275,300 Twitter followers in a new video that Ethereum’s strong performance against Bitcoin (ETH/BTC) amid the brutal correction is a sign that the markets are still bullish.

“I’m bullish on Ethereum and also in general, as long as we’re holding this monthly support 0.075 BTC ($3,662). I want to show you guys on this massive drop that we just saw, Ethereum/Bitcoin is holding up beautifully… This is when alts take the lead, when alts start shining, guys. 

If this was a bear market, Ethereum/Bitcoin would not be popping right now when Bitcoin’s correcting. It would be dropping very, very hard. It’s holding support. We’re pushing up – bullish.

I think alts are going to rebound off of this drop harder than Bitcoin. I think, particularly, Ethereum is going to do it exceedingly well.”

At time of writing, ETH/BTC is trading at 0.086 ($4,224), up over 11% in the last 24 hours.

Looking at Bitcoin (BTC), Credible is also bullish on the prospects of the king cryptocurrency even after an epic crash that saw it plummet from $52,000 to $43,500 in less than an hour.

According to the crypto strategist, he believes yesterday’s deep pullback signalled the end of a macro corrective phase for BTC.

“I believe we’re now wrapping up that flat correction. The expectation is that we’re putting in a higher low above the lows at $30,000 and everything above that is fine, and I think that is what we’re seeing right now.”

At time of writing, Bitcoin is exchanging hands at $49,104, down over 7% on the day.

 Check Latest News Headlines  Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Liu zishan/Salamahin

Submit a Press ReleaseIndustry AnnouncementsEarn Market-Leading, Auto-Compounded Yield With yAxis Canonical VaultsDecember 3, 2021Kinetic Sand™ and Artist Dan Lam To Drop NFT Series ‘Please Do Touch the Art’December 2, 2021Solajump, the First Play-To-Win NFT Game on Solana, Sets Out To Revive Short GamingDecember 1, 2021Moralis Adds Number One Coinbase Engineer Craig Hammell as a Senior Tech AdvisorDecember 1, 2021Krown’s 3,010 NFT Set Is Due To Launch in the Coming WeeksDecember 1, 2021MetaVisa Announces $5 Million of Fundraising in Seed and Private RoundDecember 1, 2021Duelist King To Launch Second NFT Cards Sale for Its Win-To-Earn GameDecember 1, 2021Submit a Guest m$4,214.20$4,214.208.59%Binance /b>0.176148.2%SpotlightShiba Inu Whales Gobble Up Billions Worth of SHIB Following Announcement of New Gaming PartnershipNovember 29, 2021Ethereum Competitor Becomes Focus of Crypto Firm’s New $500,000,000 Investment FundDecember 2, 2021Three Ethereum Competitors Explode As Layer 1 Altcoins Outperform Bitcoin and Overall Crypto MarketsNovember 30, 2021The Impact of Cross-Chain Interoperability in DeFiDecember 2, 2021

A closely followed crypto analyst and trader is naming one altcoin that he believes will reignite the crypto bull market.

Pseudonymous crypto strategist Credible tells his 275,300 Twitter followers in a new video that Ethereum’s strong performance against Bitcoin (ETH/BTC) amid the brutal correction is a sign that the markets are still bullish.

“I’m bullish on Ethereum and also in general, as long as we’re holding this monthly support 0.075 BTC ($3,662). I want to show you guys on this massive drop that we just saw, Ethereum/Bitcoin is holding up beautifully… This is when alts take the lead, when alts start shining, guys. 

If this was a bear market, Ethereum/Bitcoin would not be popping right now when Bitcoin’s correcting. It would be dropping very, very hard. It’s holding support. We’re pushing up – bullish.

I think alts are going to rebound off of this drop harder than Bitcoin. I think, particularly, Ethereum is going to do it exceedingly well.”

At time of writing, ETH/BTC is trading at 0.086 ($4,224), up over 11% in the last 24 hours.

Looking at Bitcoin (BTC), Credible is also bullish on the prospects of the king cryptocurrency even after an epic crash that saw it plummet from $52,000 to $43,500 in less than an hour.

According to the crypto strategist, he believes yesterday’s deep pullback signalled the end of a macro corrective phase for BTC.

“I believe we’re now wrapping up that flat correction. The expectation is that we’re putting in a higher low above the lows at $30,000 and everything above that is fine, and I think that is what we’re seeing right now.”

At time of writing, Bitcoin is exchanging hands at $49,104, down over 7% on the day.

 Check Latest News Headlines  Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Liu zishan/Salamahin

Submit a Press ReleaseIndustry AnnouncementsEarn Market-Leading, Auto-Compounded Yield With yAxis Canonical VaultsDecember 3, 2021Kinetic Sand™ and Artist Dan Lam To Drop NFT Series ‘Please Do Touch the Art’December 2, 2021Solajump, the First Play-To-Win NFT Game on Solana, Sets Out To Revive Short GamingDecember 1, 2021Moralis Adds Number One Coinbase Engineer Craig Hammell as a Senior Tech AdvisorDecember 1, 2021Krown’s 3,010 NFT Set Is Due To Launch in the Coming WeeksDecember 1, 2021MetaVisa Announces $5 Million of Fundraising in Seed and Private RoundDecember 1, 2021Duelist King To Launch Second NFT Cards Sale for Its Win-To-Earn GameDecember 1, 2021Submit a Guest m$4,214.20$4,214.208.59%Binance /b>0.176148.2%SpotlightShiba Inu Whales Gobble Up Billions Worth of SHIB Following Announcement of New Gaming PartnershipNovember 29, 2021Ethereum Competitor Becomes Focus of Crypto Firm’s New $500,000,000 Investment FundDecember 2, 2021Three Ethereum Competitors Explode As Layer 1 Altcoins Outperform Bitcoin and Overall Crypto MarketsNovember 30, 2021The Impact of Cross-Chain Interoperability in DeFiDecember 2, 2021

As the American economy grapples with labor and supply shortages, the country’s central bank declared that “the risks of higher inflation have moved up.” And once again, the question of cryptocurrencies such as Bitcoin providing investors with a hedge against rising inflation is up for debate.

Speaking at a recent Bloomberg event, Starwood Capital Group’s Chairman Barry Sternlicht espoused cryptocurrencies as a smart hedge for investors in a world that only “prints money.” He also expressed concerns similar to the US Fed about the build-up of inflationary pressure on commodities.

The investor, whose company manages assets worth over $100 billion, also revealed that about 2-3% of his net worth is invested in digital assets, which include the top cap Bitcoin and Ethereum. He added,

“If it goes to zero, it won’t hurt me.”

In a previous interview with CNBC, the billionaire had elaborated further on his decision to delve into the crypto market. He said,

“The reason I own BTC is because the US government and every government in the Western hemisphere is printing money now until the end of time. And this is a finite amount of something, and it can be traded globally and people have fiat currencies whether it’s in Nigeria or… Bolivia or wherever, you can move into something that the world has accepted as a substitute for gold.”

However, not all seem to agree with his preference for Bitcoin over the historical and everlasting gold. Speaking to Economic Times recently, Mobius Capital Partners founder Mark Mobius opined that cryptocurrencies are more of a religion than an asset, as they are valued based purely on “speculation” and “belief.” He said,

“Bitcoin or cryptocurrencies are in the class of religion, it is a belief they will go up if other people believe the way you do, but otherwise, it is not an investment. It is not something that earns money, that pays dividends, produces something.”

Gold, on the other hand, “is not only a currency but can be used for industrial purposes,” noted Mobius. Gold is considered a superior conductor to copper or other metals and is hence preferred by electronics manufacturers, but its high price is a deterrent towards its usage. He further stated,

“That is why I do not think cryptocurrencies are in the category of viable investments. It is speculation you could play with it, have fun with it but do not consider it as an investment.”

Long-time Bitcoin critic Peter Schiff also weighed in on the cryptocurrency’s capacity as an inflation hedge earlier today. He tweeted,

Akin to the stock market, the cryptocurrency market has also been trading in the red today, with all major tokens including Bitcoin losing 15-20% of their valuation over the past day.

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Last Updated : December 05, 2021 / 08:24 AM IST

Top cryptocurrency news on December 5: Top stories on Bitcoin, cryptocurrencies & regulationYour Essentials 7 -->

A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum, and Tether to help you jump-start the day.

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Bitcoin, Ethereum recover; LUNA up 19%

The global crypto market capitalisation is down 5.53 percent over the last 24 hours to stand at $2.3 trillion. The total crypto market volume over the last 24 hours is $203.74 billion, a 48.22 percent increase. Read full here. -->

FM Says

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Govt will bring a 'well-consulted' cryptocurrency bill: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman said on December 4 that the government would bring a well-consulted cryptocurrency Bill. Read details here. -->

Takin Advantage

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El Salvador to Buy the Dip — 150 Bitcoins Added to Treasury

As the crypto market shed billions of dollars, El Salvador bought the dip, taking advantage of the falling price of Bitcoin early on December 5 morning. With the latest buy, El Salvador has purchased a total of 1,370 bitcoins altogether. According to Salvadoran president Nayib Bukele, the coins were bought seven minutes before the price of the cryptocurrency bottomed out. Read details look. -->

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US seizes bitcoins worth over $2 million

The Federal Bureau of Investigation (FBI) has seized bitcoins worth more than $2.2 million tied to ransomware payments. The cryptocurrency allegedly belongs to an affiliate of Gandcrab and Revil/Sodinokibi ransomware. Read more here.

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2021 was when Bitcoin recorded the most gains in terms of adoption. The primary cryptocurrency has evolved from being used solely for speculative purposes, and it has found its way into the funds of major institutional players.

Despite the volatility that Bitcoin’s price undergoes, some Wall Street banks have announced plans to consider the use of Bitcoin as collateral for loan applications. Moreover, these financial institutions are also looking towards crypto derivatives.

Goldman Sachs considering adopting Bitcoin for loan collateral

Goldman Sachs is taking the lead position among the major financial institutions considering the use of Bitcoin as an asset class that can be used to guarantee loans by working as collateral.

Buy Bitcoin (BTC) Now

According to an inside source with knowledge of the matter, the banking institution is currently seeking approval to offer institutional lending using Bitcoin. If such an approval happens, it could be a major turning point for the use of Bitcoin in the investment and financial sectors.

However, Sachs is not the only financial institution considering the use of Bitcoin for this purpose. Other major financial players such as Silvergate and Signature are also planning on launching crypto-backed loans.

Bitcoin in the mainstream financial system

The idea of incorporating Bitcoin into the mainstream financial systems stems from recent remarks made by the chief of the Comptroller of Currency (OCC), Brian Brooks. Brooks stated that Bitcoin was the same as fiat currency, and banks needed to find a safe way of preserving it.

Many financial institutions are currently looking for ways to add Bitcoin offerings into their services. This comes as regulators in the US struggle with ways to regulate the cryptocurrency sector.

Coinbase, a leading exchange in the US, is currently looking for partnerships with US banks to offer Bitcoin-backed lending services.

The current adoption of cryptocurrencies by banking institutions has come from the increased demand by customers. While some banks only allow their customers to invest in funds that give them crypto exposure, others have launched direct Bitcoin products. However, most of these banking institutions have set the limit for crypto investing to professional investors.

Buy Bitcoin (BTC) Now

Your capital is at risk.

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How to buy cryptocurrenciesHow to buy bitcoinAli RazaPRO INVESTORadministrator

A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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AUSTIN, TEXAS – The Texas power grid is struggling with fluctuating energy prices and sporadic service, but the state's growing bitcoin mining community believes it can help fix it.

Republican Sen. Ted Cruz agrees. "A lot of the discussion around bitcoin views bitcoin as a consumer of energy," said Cruz at an event in October. "The perspective I'm suggesting is very much the reverse, which is as a way to strengthen our energy infrastructure."

The grid is called ERCOT — short for the Electric Reliability Council of Texas, which is the organization tasked with operating it — and it's fussy and temperamental. 

ERCOT powers about 90% of the state, but to run smoothly, it requires a perfect balance between supply and demand. Having too much power and not enough buyers is just as bad as everyone wanting to fire up their AC units on the same day in July.

Maintaining that balance has proven to be a real challenge this year, and Texans are feeling it. 

The price of power per hour is all over the place, routinely going negative. Rolling blackouts at moments of peak power consumption no longer come as a surprise. A lot of people lost faith in the grid altogether after a winter storm earlier this year resulted in a multi-system meltdown that "was within minutes of a much more serious and potentially complete blackout." 

Crypto enthusiasts believe the fix to this problem is actually to add another electricity consumer into the mix — a buyer who will take as much power as they're given, whatever the time of day, and are just as willing to power down with a few seconds' notice. These flexible buyers are bitcoin miners.

Mining for cryptocurrencies is the computationally intensive process by which new tokens are created and transactions of existing digital coins are verified. 

At the Texas Blockchain Summit in October, Cruz pointed to the ability of bitcoin miners to turn their rigs on or off within seconds — a feature that is hugely beneficial during times when energy needs to be shifted back to the grid to meet demand.

"If you have a moment where you have a power shortage or a power crisis, whether it's a freeze or some other natural disaster where power generation capacity goes down, that creates the capacity to instantaneously shift that energy to put it back on the grid," Cruz said of the ability of bitcoin miners to shut down their operations within seconds.

But not all are convinced that bitcoin miners are the solution.

"Miners are a strain on the grid, not a help," said Ben Hertz-Shargel of Wood Mackenzie, a provider of commercial intelligence for the world's natural resources sector. Hertz-Shargel is concerned that bitcoin mining would only raise peak demand, ultimately adding stress to the system.

Avoiding a grid 'heart attack'

ERCOT has a heartbeat. That may sound like a romantic metaphor, but it actually gives off a hum like when a guitar isn't properly plugged into an amp. 

It's the sound of 60 hertz, a frequency common to all grids in North America. A steady tone means there's as much electricity going onto the grid as there is coming off it. If the power supply surpasses customer demand, the beat speeds up. If customers use more power than what's available on the grid, the heartbeat slows down.

The grid can manage small gyrations to its heartbeat, according to Shaun Connell, the EVP of power at Lancium, a Houston-based energy tech company that specializes in bitcoin mining. But Connell tells CNBC that when ERCOT's grid pulse falls to 59.4 Hertz or below for more than nine minutes, machines start to protect themselves by automatically shutting off and disconnecting from the grid. In some cases, that might mean power plants going dark. 

If the heartbeat falls even farther than that, it could trigger a "heart attack" scenario. Think grid-wide blackout and a hard restart of the whole system. 

These fluctuations also correspond to the grid's volatile price swings. Connell tells CNBC that in 2020, the price of energy in West Texas was negative between 10% and 20% of the time. The price dips below zero when supply outpaces demand.

So far this year, the price of power per hour has been negatively priced 9% of the time, while 5% of all hours this year have peaked above $100.

Extreme tails like the ones shown in the chart below aren't a good thing.

LanciumThe trouble with ERCOT

Keeping a steady heartbeat is tough for ERCOT for a couple of reasons.

For one, the Texas grid functions as its own isolated and deregulated electrical island. Unlike the rest of the continental U.S., which belongs to either the Eastern or Western interconnection (the names of the two American power grids linking states), 90% of Texas runs on ERCOT. This means ERCOT cannot quickly turn to neighbors for help when large generators trip offline or renewables do not deliver as expected. This can prove especially problematic when there's a natural disaster, like the winter storm in early 2021.

ERCOT's market-driven approach to energy planning shows up in another feature – and occasional shortcoming – of the grid: Its "just-in-time" delivery model. At the best of times, this saves everybody money. No one needs to hoard backup fuel when Texas' elaborate underground maze of wells and pipes can deliver it on demand. But February laid bare the worst-case scenario, when the state's natural gas production (burning natural gas is a major source of electricity for the state) fell by almost half during the cold snap.

Third, Texas is flush with renewables and rapidly onboarding these inherently unstable sources of power to its grid. While this is helping to decarbonize ERCOT by replacing less environmentally friendly power sources like coal and natural gas with wind and solar, renewable energy is unpredictable. At any given hour, it could be breezy and sunny, or it could be cloudy with no wind, meaning the grid has to brace for all renewable energy to go offline at any point and have a backup power source on deck.

Finally, the state's biggest population centers are often far from where power is generated. For example, low-cost renewable energy sites stretch across West Texas, hours from major hubs like Dallas and Austin. 

Or take the rural town of Rockdale. It was once home to the largest aluminum plant in the world, run by Alcoa. But starting in 2008, it began to shut down its operations. That energy capacity was going to waste, as it would've been prohibitively expensive to build the transmission capacity necessary to carry it to major population centers. The arrival of crypto miners helped to resolve that imbalance by consuming the surplus energy.

Forcing demand to meet supply

To ensure grid reliability at all times, demand must be even with supply. ERCOT operators can tinker with the supply side, spinning natural gas turbines up or down on short notice to make up for the volatility of renewables, but typically, grid operators aim to reduce customer demand to maintain balance. 

Through established "demand response" programs, ERCOT will actually pay major industrial users to cut power. If that curtailment does not prove sufficient, the grid can also request that residential buyers conserve their power use voluntarily. And when all else fails, ERCOT can run rolling blackouts, shutting down different parts of the state in quick succession — but with no one patch suffering an outage for an extended period of time.

The problem with that first — and best — option is that many of these arrangements between ERCOT and energy buyers require response times of ten to thirty minutes. But because ERCOT is going it alone, the grid requires a much faster reaction, sometimes in the range of sub-seconds, according to Lancium's Connell.

This is where bitcoin mining comes into play. Miners function as "interruptible load," meaning they are able to turn off all of their machines with a few seconds' notice when the grid is in a pinch and needs the extra power. Bitcoin has no uptime requirement, nor is the gear worn down by regularly powering off and on. 

It also makes good economic sense for the miners. Miners commit to buying a certain amount of power, and either use it for mining if the grid doesn't need it, or sell it back at a profit if the grid demands it.

Transmission towers are shown on June 15, 2021 in Houston, Texas. The Electric Reliability Council of Texas (ERCOT), which controls approximately 90% of the power in Texas, has requested Texas residents to conserve power through Friday as temperatures surge in the state.Brandon Bell | Getty Images

"Imagine how much you would have to pay Amazon to say, 'Hey, there's too much demand for power. Please power down your data center,'" said bitcoin mining engineer Brandon Arvanaghi, who now runs Meow, a company that enables corporate treasury participation in crypto markets.

"But it can do that with bitcoin very easily, because all you have to do is pay the miners slightly more than what they would have made mining for bitcoin that hour," continued Arvanaghi.

Even bitcoin miners that haven't cut a deal with ERCOT sometimes voluntarily power down at times of peak consumption when prices shoot higher.

Unlocking stranded assets

Lancium is building bitcoin mines where wind and solar are abundant and the transmission system is constrained, meaning that power wants to flow down the line, but the lines are full. 

As Lancium Chief Executive Officer Michael McNamara describes it, these sites act like a large power station but in reverse. The mines will absorb abundant renewable energy at times when supply outpaces demand, thereby monetizing these assets when there are no other buyers. And on the flip side, the mines will incrementally ramp down their energy intake, as demand on the grid rises. 

In a sense, you can almost think of bitcoin miners as temporary buyers keeping these energy assets operational until the grid is able to fully absorb them.

"In times of scarcity, our data centers will go down, and those lines can carry the renewable energy to Houston, Dallas and Austin where they need the energy," said McNamara.

McNamara tells CNBC the net effect of this is retiring coal and gas faster, while rapidly adding wind and solar at the same time, essentially making bitcoin mining a fundamentally decarbonizing technology.

Bitcoin can also be used to unlock the state's sequestered deposits of natural gas.

For years, oil and gas companies have struggled with the problem of what to do when they accidentally hit a natural gas formation while drilling for oil. Whereas oil can easily be trucked out to a remote destination, gas delivery requires a pipeline.  

If a drilling site is right next door to a pipeline, they chuck the gas in and take whatever cash the buyer on the other end is willing to pay that day. But if it's 20 miles from a pipeline, things start to get more complicated. 

More often than not, the gas well won't be big enough to warrant the time and expense of building an entirely new pipeline. If a driller can't immediately find a way to sell the stash of natural gas, most look to dispose of it on site.

One method is to vent it, which releases methane directly into the air – a poor choice for the environment, as its greenhouse effects are shown to be much stronger than carbon dioxide. A more environmentally friendly option is to flare it, which means actually lighting the gas on fire. 

But flares are only 75% to 90% efficient, according to Adam Ortolf, who heads up business development in the U.S. for Upstream Data, a company that manufactures and supplies portable mining solutions for oil and gas facilities. "Even with a flare, some of the methane is being vented without being combusted," he said.

This is when on-site bitcoin mining can prove to be especially impactful.

Ortolf says that when the methane is run into an engine or generator, 100% of the methane is combusted and none of it leaks or vents into the air.

"But nobody will run it through a generator unless they can make money, because generators cost money to acquire and maintain," he said. "So unless it's economically sustainable, producers won't internally combust the gas."

Bitcoin makes it economically sustainable.

"50% of the natural gas in this country that is flared, is being flared in the Permian right now in West Texas. I think that is an enormous opportunity for bitcoin, because that's right now energy that is just being wasted," said Cruz in October.

Not everyone agrees

Hertz-Shargel from Wood Mackenzie predicts that bitcoin could more than double demand growth in ERCOT's territory, but unlike Cruz, he doesn't think that additional demand is a good thing.

"The analogy I like to use is that if you start smoking two packs a day and then cut back to one pack on holidays, that doesn't make smoking good for your health," he says.

"The net impact is a very large addition of load onto the grid," agrees Adrian Shelley, who runs the Texas branch of Public Citizen, a consumer advocacy and lobbying group. Shelley suspects that not all of that consumption is concentrated during times where there is a surplus of energy.

"I don't know that it would be the case that they would only use energy that there otherwise wasn't demand for," Shelley told CNBC.

Hertz-Shargel argues that ERCOT should be focused on grid improvements to make it easier to get power from solar and wind farms to big consumption centers, and that bitcoin miners aren't the right way to deal with demand fluctuations. Instead, he argues, "the intermittency of renewables should be met with demand response from societally-beneficial loads, like industrial facilities, commercial buildings, and residential air conditioners — or energy storage."

But ERCOT interim CEO Brad Jones thinks bitcoin miners can be helpful.

James has been touring the state and hosting public events to answer questions from Texans about the electric grid. Besides winter weather, the impact of cryptocurrency mining on the grid is a common question.

"I'm pro bitcoin...but I'm too risk averse to be an investor in bitcoin," James told a crowd of residents in Frisco, Texas on Wednesday night. The ERCOT chief went on to explain the mutually beneficial relationship between the grid and bitcoin miners.

"A lot of these solar and wind can produce power down to a negative power range, negative $23 per megawatt hour," James said. "These bitcoins see that as a great opportunity. They can get paid to use power. And that's why they're coming to the state. But that's not necessarily bad."

James makes the point that negative power isn't healthy for the market. Bitcoin miners "soak up" some of that negative power, and when the cost of electricity gets slightly higher than what they're willing to pay for it (around $100, according to James), they shut off.

"So I think it's really a valuable potential resource for us."

VIDEO3:2103:21What bitcoin's 'Taproot' upgrade means for investorsTechCheckTVWATCH LIVEWATCH IN THE APPUP NEXT | ETListenTVWATCH LIVEWATCH IN THE APPUP NEXT | ETListen

Can open-source blockchains be coercive? In a recent debate between Erik Vorhees and Alex Gladstein, Vorhees asserted that “there is nothing in Ethereum that is based on coercion, period.”

Vorhees went on to clarify:

“I have a pretty high standard of coercion. It's basically like physical violence or the threat of physical violence, or theft or breach of contract. Those categories of things I call coercive. What's not coercive is if you're part of an open-source software project and the majority in that project wants to do something and you don't. And so the project goes in a direction that you didn't want it to go in. That's not coercion. That's called market forces. People I think often will ascribe the word coercion to just things that are inconvenient or unpleasant or that or that feel like they harm them or that lost them money. That's not coercion. I reserve that for more intense interventions… I don't think anything that happens in open blockchains is coercive, period, unless there's some kind of fraud going on… I think open-source software protocols can't be coercive.”

–Voorhees, “What Bitcoin Did: Bitcoin Vs Altcoins 2 With Alex Gladstein And Erik Voorhees”

This isn’t the first time that the topic has been hotly debated. In 2017, in response to disagreements in preferred protocol upgrade mechanisms, Vitalik Buterin even attempted to claim that soft forks are more coercive than hard forks. Buterin argued that hard forks are opt-in, whereas soft forks are not.

However, Buterin misses the point that anyone who runs a Bitcoin node can continue to run outdated clients and expect that their coins will still work with the same rules they signed up for. As Pete Rizzo has pointed out, Bitcoin is the only cryptocurrency that truly protects minority users’ rights in this way.

Ethereum’s Difficulty Bomb Is Coercive

Curiously, neither Vorhees nor Buterin are keen to mention an aspect of Ethereum that is metaphorically labeled as destructive physical violence enshrined in code, known as the “difficulty bomb,” which is designed to override the very free market forces Vorhees espouses.

The difficulty bomb is code that incrementally increases the difficulty level of Ethereum’s proof-of-work mining in order to slowly reduce block production times, until the chain becomes unusable. It was released as a means to force Ethereum’s switch from proof of work to proof of stake.

The Ethereum Foundation perpetually hits the snooze button and resets its time bomb on the updated chain it helps release. This acts as a looming threat, in order to force compliance. Its next detonation is currently planned for June 2022, at which point it will likely be reset, yet again, for another future detonation date. Continually modifying the detonation date is a regular occurrence in Ethereum. One can even see the effects of accidental detonations in historical block time data.

“This mechanism increases the difficulty exponentially over time and eventually leads to what is referred to as the ‘Ice Age’ — that is, the chain becomes so difficult to mine that it grinds to a halt and stops producing blocks (freezes).”

–EthHub, “What is the Ethereum Difficulty Bomb (Ice Age)?"

The difficulty bomb forces miners and users into accepting developer hard forks to a proposed Ethereum upgrade known as an Ethereum Improvement Proposal (EIP).

Lest one think this framing is an exaggeration, one need only refer to EthHub documentation to see that “forcing” miners and users to upgrade is indeed the real intention of the difficulty bomb. Any reasonable person can see this is intended to be coercive.

Both Buterin and Vorhees have pointed to the fact that on July 20, 2016, a segment of the Ethereum community refused to accept the Ethereum Foundation’s hard fork which reversed the exploitation of a flaw in The DAO project's smart contract software, and undid a theft of $50 million worth of ether. The forked chain, which reversed the hack, was proposed by the trademark-owning Ethereum Foundation and was supported by its powerful marketing presence and official social media accounts. The dissenters who opposed this fork, and lacked the official marketing arsenal, had no choice but to create a new project under a different name — now known as Ethereum Classic.

According to Voorhees, “The people that really didn't like Ethereum's hard fork just kept on with the same rules.”

However, that’s not entirely true. Because of the difficulty bomb, the members of the Ethereum community who opposed The DAO fork were left stranded on a dying chain that was destined to freeze. Saying these users kept on with the same rules is like claiming people are free to keep driving a car that has no oil. It’s guaranteed to stop working in a few months.

Sure enough, in January 2017, the newly-formed Ethereum Classic community was forced to implement the “Die Hard” hard fork in order to remove the difficulty bomb for the remaining users and willing miners. The new Ethereum Classic developers also added in some of their own improvements, including adjusting technical parameters to increase the cost of certain spam attacks.

In other words, users who wish to dissent from the Ethereum Foundation’s contention EIPs must also submit to the whims of the developers that choose to diffuse the difficulty bomb in a necessary hard fork. Such an outcome is only possible if the dissenting users can find a willing team of core developers and miners who are willing to go along with the dissent, maintain the new project, create market forces and diffuse the bomb.

“A hard fork elevates those who are Technical, Persuasive, or Endorsed, to ‘non-peer’ status.”

–Paul Sztorc, “Measuring Decentralization”

Conversely, Bitcoin soft forks are all backwards compatible, meaning that obsolete versions of the client software are always supported. In theory, a user could fall into an extended coma and, upon waking, find that their Bitcoin wallet and full node would still be usable decades later. The same cannot be said for Ethereum.

According to the “New Oxford American Dictionary,” coercion is defined as “The practice of persuading someone to do something by using force or threats.”

Voorhees is correct that the coercion is classically defined as a physical persuasion that ordinarily cannot exist in transparent, open-source code. However, when that code is able to exponentially increase the output of physical proof-of-work mining, to the point of mining rigs becoming unusable, the code crosses a line from the virtual realm into the physical world and allows manipulation through new developer hard fork EIPs.

This threat of ratcheting up the physical force on mining rigs is what persuades miners to hard fork to the Ethereum Foundation’s hand-picked EIP. It’s not all that different from an authoritarian government saying they will physically render your equipment useless unless you comply with its brand new rules by a certain deadline. Your only other option is to defect and form a viable “classic” government.

Ethereum’s difficulty bomb threat obviously isn’t intended to harm human bodies, but it is intended to project a violent force on physical mining property. This in turn persuades both miners and users to comply with the developer roadmap. In this way, we can say that Ethereum’s difficulty bomb is indeed coercive.

This is particularly concerning when you consider that the largest ether holders can easily influence the developers who work for the Ethereum Foundation. In a recent interview with Peter McCormack, Ethereum Core Developer Lane Rettig recounted that he was often lobbied by large whales to accommodate their requests.

It is interesting to note that when (or if) Ethereum moves to proof of stake, the difficulty bomb is expected to be retired. At that point, the largest Ethereum whales will have the power to control the fate of Ethereum on their own, as proof of stake is a plutocratic consensus mechanism that is governed by the wealthiest holders — it literally means “proof of wealth.”

While there are those in the Ethereum community who are aware of this coercion, there are also those who are unphased by this apparent ethical oversight. After all, the difficulty bomb and the move to proof of stake is part of the public roadmap and a was disclosed to all parties involved. And how else are Ethereum developers supposed to ensure the project moves forward unless they have the ability to “force” their upgrades to be regularly installed?

Nevertheless, this past roadmap transparency does not make brand new EIPs, that can contain new and unexpected rules, any less coercive when they are forced by the impending threat of difficulty bombs. In short, Ethereum’s coercion may be seen as a necessary evil to push the project forward given its developers know that Ethereum is unfinished and unworkable in its current form.

Bitcoin Is Different

One might point out that Bitcoin halvings encourage miners to work harder for less reward every four years. However, this argument is dubious. Bitcoin’s issuance schedule was predetermined on day one, can no longer be influenced by its departed founder, and is not intended to force new rules on the protocol or its users.

Bitcoin is different. By having a fully-released project and a culture of soft forks, your bitcoin full node assures you the strongest user rights and guarantees your accessibility over time with backwards compatibility. Whales cannot pressure Bitcoin devs to forcefully change the rules on you with soft forks — you can simply dissent and keep using Bitcoin. And you can’t be defrauded by the majority of bitcoin holders. Your user rights as an individual user of bitcoin are yours and yours alone to uphold, by running your own full node, with relatively inexpensive hardware.

Bitcoin users and miners are not beholden to developers. The consensus needed to move the protocol forward is reached in a conservative manner — through users and miners signaling their acceptance of each update. And should you as a user disagree with those updates, it’s your right to dissent in Bitcoin and nothing ever has to change about your full node client if you want to keep transacting with outdated software. Bitcoin doesn’t care, it will keep on supporting your decision either way.

While running outdated software may not be ideal, it underscores the point that Bitcoin’s protocol is not coercive. The same cannot be said for Ethereum’s perpetual difficulty bombs, which constantly threaten miners with physical energy costs, it’s detonation reset again and again until its wealthy plutocrats can forcefully deploy their proof-of-wealth-based control over users. Ethereum plutocrats can have their difficulty bombs, aggresive deflation at the expense of lower classes and coercion.

Bitcoin is freedom from that tyranny. Bitcoin levates users above developers and miners. It empowers users to choose the protocol rules they want and levels the monetary system playing field for the first time in human history. Bitcoin is on a mission of hope, peace, abundance and prosperity. It’s time to plug in your full node and join this peaceful revolution.

This is a guest post by Level39. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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Cryptocurrency Solana is likely to again outperform both Bitcoin and Ethereum, the world’s two biggest digital currencies, in 2022, according to the CEO of a $12bn financial giant.

The bullish prediction from Nigel Green, chief executive and founder of deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organisations, comes amid another sharp bearish dip for leading cryptocurrencies on Friday.

Bitcoin, Ethereum and Solana were down around 5.7%, 6.8%, and 8.9% respectively over the previous 24 hours of trading.

Mr Green says: “End of the week trading was hit by negative sentiment of high-growth stocks, which went on to impact Bitcoin, the world’s largest cryptocurrency by market cap which, in turn, weighed on the wider crypto market.

“Despite this current volatility, crypto investors who have consistently stayed in the market have generally had a positive year. Year-to-date Bitcoin is up 46%, Ether 376%, and Solana around 13,000%.

“Savvy investors – both retail and institutional – know that crypto is the future of money. In times of volatility, in which there are lower entry points to top up portfolios, they typically continue to drip-feed money into the digital assets market.”

He continues: “I’m confident that a key one to watch in 2022 is Solana, currently the fifth largest crypto by market cap. It started off the year trading at around $2, now it’s changing hands on the deVere Crypto app for about $200.

“It’s likely it will outperform both Bitcoin and Ethereum again next year.

“Why? Because of its masterful technology and its cost-effectiveness.”

Mr Green explains: “Solana is a blockchain platform that has superior high transaction speeds, processing over 2,500 transactions per second – main rival Ether’s is 15 – and at a lower cost and without compromising decentralisation.

“Like Ether, it supports smart contracts, which are algorithms that are designed to operate automatically based on predefined agreements on blockchain technology.

“This revolutionary tech will ultimately change the way almost all business and financial services are delivered in the future. As such, a growing number of decentralized finance (DeFi) applications are moving to Solana.

“They’re also attracted by the considerably cheaper fees compared to Ether, whose prices have exploded in recent months.”

In September, the Solana network went down for about 17 hours. At the time, on Twitter, Solana explained a large jump in transaction load to 400,000 per second overwhelmed the network.

“It’s a young network still and this was just a temporary glitch,” comments Nigel Green.

He concludes: “In-the-know investors are watching it with interest.

“There’s no reason why it shouldn’t again outperform headline grabbers Bitcoin and Ethereum next year if the current momentum continues.

“It’s a momentum driven by a booming DeFi space as retail investors seek alternative funding opportunities and institutional investors continue to pile in.

“2022 will be Solana’s breakout year.”

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Comments CryptocurrencyBitcoin Drops Over $10,000 in Value in 24 Hours

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December 4, 2021

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Samed Olukoya

Global financial markets rout plunged Bitcoin, the world’s most dominant cryptocurrency, by $10,000 to $47,000 a coin, according to the data obtained from Coindesk.

Bitcoin was trading at slightly above $57,000 a coin on Friday before falling by 17 percent or $10,000 to $47,000 within 24 hours to further highlight the state of the global financial markets amid growing concerns over the Omicron COVID variant spread.

Ether, the second most capitalised cryptocurrency, also sheds 10.26 percent to $4,047.96 a coin while Solana, XRP, Terra (Luna), Cardano and Stellar dropped 10.19 percent, 17.54 percent, 11.96 percent, 13.95 percent and 16.74 percent to $204.67, $0.796952, $60.85, $1.40 and $0.292059, respectively.

There is no clear reason as to why bitcoin and other cryptocurrencies are falling besides rising global uncertainty surrounding the fast-spreading Omicron covid variant.

Selling pressure in the Bitcoin spot market seems to have dragged on the entire cryptocurrency before triggering huge stop losses in the derivative markets.

“The evidence points to this being yet another derivative-induced selling event,” wrote J.C. Parets, chief market strategist for All Star Charts technical research, in a note Saturday morning. “The September flash crash had the same drivers as this selloff — leverage was flushed from the system in a violent fashion, which later enabled the market to eventually move higher toward a new all-time high in October.”

Despite the uncertainty surrounding financial assets, El Salvador, the first country to accept Bitcoin as a legal tender, announced it has bought the dip. President Nayib Bukele acquired 150 Bitcoin for about $48,700 a coin.

Tether (USDT), the largest stablecoin by market value, moved away from its 1:1 peg against the US Dollar to $1.025, largely because of its usage as a hedge against market uncertainty. Traders usually move their cryptocurrency to USDT during high market uncertainty.

“Our expectation for the coming days/weeks is sideways choppy price action. A contraction and basing process is likely to take place after such a violent move and we want to treat sharp upward rallies suspiciously right now,” added Parets.

Continue ReadingCryptocurrencyFintech CEO: FBI Crypto Ransomware Seizure Brings Custody to Forefront

Published

2 days ago

on

December 3, 2021

By

Investors King Contributor

The FBI seized a cryptocurrency wallet used by Aleksandr Sikerin, it says, which holds $2.3 million in assets which were tied to ramsomware attacks. Sikerin is associated with REvil, which is known for its ransomware malfeasance. Earlier this month, the Justice Department announced a similar seizure of over $6 million in ransomware payments to Yevgeniy Polyanin, who targeted law enforcement and municipal organizations, among others. It is said that REvil has been responsible for more than $200 million in extortion since 2019.

“While identifying these criminals, and seizing their assets, is a step in the right direction, many of them are resting safely in countries, such as Russia, without extradition treaties with the United States. That’s why it is important that governments ensure that exchanges and other companies working in concert with these bad actors are held accountable,” opined Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges. Earlier this year, Suex was sanctioned for allegedly doing business with hackers.

“There are three kinds of companies in the digital assets space. Those who actively and knowingly provide services, including money laundering, which aid in the efforts of hackers and bad actors. Those who are complicit and provide aid with no direct knowledge, but, instead, because they fail to adequately vet their clients with the AML & KYC procedures which have become industry best practices and, in most jurisdictions, mandatory. Finally, there are those which take every precaution and employ industry leading technologies to thwart hackers at every turn. Those that fall into the latter group, those are the companies with long-term potential, and it is time that the industry recognizes that in a more substantial way,” said Gardner.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Modulus has provided its exchange solution to some of the industry’s most profitable digital asset exchanges, including a well-known multi-billion-dollar cryptocurrency exchange. Over the past twenty years, the company has built technology for the world’s most notable institutions, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

“This isn’t just an issue with exchanges, of course. Even in the custody space, we’re faced with companies who are following the law but are still leaving massive vulnerabilities in their operation. It isn’t that they are trying to do a lackluster job. It’s just that they don’t appreciate how important the security aspect is in the digital assets space. Blockchain technologies, including digital assets, are a truly transformative innovation. We’re going to see them play out over the next decades. They will completely change how we interact with finance. In order to enhance the opportunities in front of us, it is incumbent upon us to do everything we can to ensure that the technology is safe and secure,” said Gardner.

Continue ReadingCryptocurrencyNewegg to Start Accepting Shiba Inu (SHIB) for Payments in December

Published

4 days ago

on

December 1, 2021

By

Temitayo Sikiru

More wins for the Shiba Inu community as Newegg Commerce, a leading tech-focused North American e-retailer, announced it will start accepting Shiba Inu (SHIB) cryptocurrency as a form of payment and NOWPayments announced it has burnt over 43 million Shiba Inu coins.

Newegg announced the acceptance of Shiba Inu coin as payment just in time for the end of the year holiday. The official announcement was made on a grand scale with a massive digital out-of-home (DOOH) campaign which was displayed on The Reef, North America’s largest DOOH billboard.

Newegg commerce was part of the early adopters of Bitcoin when it partnered BitPay in 2014. The trend continued with the acceptance of Dogecoin as a payment method in the first quarter of 2021.

To further cement its position as one of the early adopters of digital assets in the crypto space, Newegg added SHIB to its growing list of cryptocurrencies accepted for payment.

“We are always looking for ways to innovate the shopping experience on Newegg.com, and something our customers want is greater flexibility and options, including the ability to pay with a wide range of cryptocurrencies, through our partnership with BitPay, we have the ability to move quickly and lead the market with flexible cryptocurrency payment options. To that end, we’re excited to offer SHIB as a payment option on Newegg.com”, said Andrew Choi, Director of Brand Marketing at Newegg.

The new month ushered in more excitement for the Shiba Inu Community with NOWPayments burning 43,445,695 SHIB coins. The burnt coins were sent to a dead wallet removing over $2000 worth of Shiba Inu from circulation.

The initial goal of the company was to burn only 3 percent of profits generated from SHIB transactions, which would have summed up to only $12 worth of SHIB. However, the Shiba Inu community has been very active on platforms that announced they will burn a certain percentage of their profits. Some of the businesses burning SHIB were Bigger Entertainment, Bricks Buster mobile game and Shiba Coffee Company.

NOWPayment decision to increase total Shiba Inu coin burn was to “stay true to the SHIB ecosystem principles”, the company stated in one of its press releases. The company said it has now burnt a total of $2,059 worth of SHIB, mostly from its own fund and not only SHIB payments.

According to NOWPayments “This figure will rise with new upcoming burns – as more merchants sign up, and the ETH fees go down”. The company also said that the next Shiba Inu burn will happen at the end of the month.

The company is also working on the SHIB merchant directory, this will contain the list of all merchants that accept Shiba Inu as a payment method.

Explaining the company’s support for the meme coin, NOWPayments said “We share a global mission with the SHIB foundation, which is to bring cryptocurrencies into the world around us—mass adoption”.

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Due to all the upcoming changes, Jack Dorsey, the former CEO of Twitter, has been making headlines. To begin with, the financial services app that he co-founded in 2009, known as Square, will be renamed Block, in addition to his resignation as CEO.

There have been many changes in the last decade to what was once known as Square, but now it is a redesigned application aligned with blockchain technology. Even though the app’s name has changed, the mission to provide economic empowerment remains the same as it was with Square.

With its card reader product, which allows merchants to process payments using their smartphones, Square got its start on the cheap. It was innovative enough to keep developing new features, even though the financial services had a limited utility for consumers and merchants at the outset.

Trading in cryptocurrencies and stocks, as well as money lending, are all part of this package. Additionally, Square increased its investment in Tidal, a music streaming service, by acquiring a sizable portion of the company. Cash and stock were exchanged for an estimated $297 million during the transaction process.

In light of Square’s rapid expansion and development, it was decided that a rebranding was in order. CashApp, Tidal, square, and a future decentralised exchange (DEX) for Bitcoin (TBD54566975) all fall under the umbrella name “Block.”

This is what Square says about itself in their blog: “The name has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome.”

The complete rebranding will begin on December 10th, 2021, but the NYSE ticker for Square (SQ) will not change at this time, so stockholders do not need to take any action to keep their shares.

CashApp, Tidal, Square, and TBD54566975, the company’s subsidiaries, will all continue to operate under their existing names despite the company’s announcement of its rebranding.

However, Square Crypto, a separate initiative dedicated to the development of advancements for Bitcoin, has changed its name to Spiral as a result of the announcement of the name change. Despite the company’s new look, Dorsey is steadfast in his belief that the company and its initiatives will continue to succeed “No matter how we grow or change, we will continue to build tools to help increase access to the economy.”

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Click to commentLeave a Reply Cancel replyMoneyBitcoin, Ethereum, and Coins Shiba Inu and Dogecoin are all seeing sudden drop in last few hours

Published

3 hours ago

on

December 4, 2021

By

The West News Bitcoin, Ethereum, and Coins Shiba Inu and Dogecoin are all seeing sudden drop in last few hours

Global crypto market capitalization fell 6.16 percent at 8 a.m., with a total market capitalization of $2.43 trillion, according to coinmarketcap.com, a global crypto exchange. The total crypto market volume is $137.47 billion, with an increase of 19.53 percent in the last 24 hours.

As of 8 am, Bitcoin (BTC) was trading at $53,029.87 with a drop of 6.88% over a 24-hour period. While Bitcoin is down 5.62 percent over the last seven days and has a market share of 41.19 percent, the coin’s value has decreased by 1.4% in the last 24 hours.

Over the past 24 hours, Ethereum (ETH) has lost 7.34 percent of its value and was trading at $4,154.68. Binance Coin (BNB) was trading at $587.01 with a loss of over 4.12% over the last 24 hours. At $1, Tether (USDT), the fourth-largest cryptocurrency by market capitalization, was down 0.02 percent. During the last 24 hours, the price of Solana (SOL) fell by 9.99 percent and it ranked fifth in the CoinMarketCap.com list; it was trading at $204.62.

There has been a steady decline in coinmarketcap.com in the last 24 hours for all major meme coins, including Dogecoin, Shiba Inu (SHIB), Dogelon Mars (ELON), and Samoyedcoin (SAMO).

Top meme coin in terms of market price Dogecoin fell 4.53 percent in the last 24 hours and was trading at $0.1973, while Shiba Inu saw a 4.22 percent drop and was trading at $0.00003968 at 8 a.m.

A 7.08 percent drop in the last 24 hours has seen Dogelon Mars (ELON) trade at $0.000001392, while Samoyedcoin (SAMO) was trading at $0.06268 and has seen a 0.94 percent drop in the last 24 hours, according to coinmarketcap.com.

Continue ReadingMoneyEl Salvador buys the dip once more as Bitcoin Drops $9K in an Hour

Published

3 hours ago

on

December 4, 2021

By

The West News El Salvador buys the dip once more as Bitcoin Drops $9K in an Hour

By the end of the trading day on Saturday, top cryptocurrencies had lost more than 10% of their value and the market cap had dropped by nearly 20%. Market capitalization of the Bitcoin (BTC) fell below $1 trillion for the first time in two months, while the value of Ethereum (ETH) also fell below $4,000.

This morning’s crypto market bloodbath may have been a disaster for traders, but it provided El Salvador with an excellent opportunity to buy a new dip. During the recent market crash, Nayib Bukele announced that the Central American nation had purchased an additional 150 BTC at an average price of $48,670.

Since El Salvador became the first country to legalise Bitcoin in September, it has become a tradition to buy the Bitcoin Dips. Since September, the country has purchased 150 BTC, and President Bukele has consistently predicted the market bottom. But he missed it this time by seven minutes as the BTC price briefly dropped to $42,874 before recovering above $47,000.

People in El Salvador warned the President of possible market losses and how they could affect the country’s treasury when the BTC price was under $40K in September. President Bukele, on the other hand, correctly identified the market bottom in October, when BTC hit $69K. Schools and hospitals are now being built in El Salvador thanks to the country’s Bitcoin fortune.

Continue ReadingMoneyA Cryptocurrency Robbery! Almost $120 million in cryptocurrency has been stolen from BadgerDAO by hackers

Published

3 hours ago

on

December 4, 2021

By

The West News A Cryptocurrency Robbery! Almost $120 million in cryptocurrency has been stolen from BadgerDAO by hackers

An online fraudster managed to steal $120 million worth of cryptocurrency! In the end, it was the investors who took the brunt of the losses! A total of $120 million has been stolen from a number of cryptocurrency wallets linked to BadgerDAO, a decentralised financial platform. Approximately $120 million worth of cryptocurrency tokens were stolen in the cyberattack, according to blockchain security and data analytics firm Peckshield, which is working with online finance platform Badger to investigate the crypto heist. So that no further withdrawals can be made while the investigation is ongoing, the platform has temporarily halted all online contracts. To learn how the attacker managed to bypass two-factor authentication and connect to Cloudflare using an API key, Badger is looking into the matter.

PeckShield cites a single move that netted the attacker 896 Bitcoin worth more than $50 million. According to the researchers, the malicious code first appeared on November 10 and was executed at seemingly random intervals by the attackers in order to avoid detection. Badger team members have warned users that they believe hackers are installing a malicious script into the user interface of their website, even though the investigation is still ongoing. While the script was running, it tracked all Web3 transactions and sent a request to the attacker’s specified location to transfer the victim’s tokens.

BadgerDAO  Tweeted “Badger has retained data forensics experts Chainalysis to explore the full scale of the incident & authorities in both the US & Canada have been informed & Badger is cooperating fully with external investigations as well as proceeding with its own,”

In order to allow cryptocurrency owners to engage in more traditional financial activities like earning interest through lending, decentralised finance, or DeFi, systems, make use of blockchain technology. According to a press release from BadgerDAO, “rest easy knowing you never have to give over the private keys for your crypto, you can withdraw whenever you want, and our strategists are working day and night to put your assets to work,” As a result of the protocol’s token, Bitcoin holders can now take advantage of DeFi opportunities that they would not have had otherwise been able to access on the Ethereum platform.

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By the end of the trading day on Saturday, top cryptocurrencies had lost more than 10% of their value and the market cap had dropped by nearly 20%. Market capitalization of the Bitcoin (BTC) fell below $1 trillion for the first time in two months, while the value of Ethereum (ETH) also fell below $4,000.

This morning’s crypto market bloodbath may have been a disaster for traders, but it provided El Salvador with an excellent opportunity to buy a new dip. During the recent market crash, Nayib Bukele announced that the Central American nation had purchased an additional 150 BTC at an average price of $48,670.

Since El Salvador became the first country to legalise Bitcoin in September, it has become a tradition to buy the Bitcoin Dips. Since September, the country has purchased 150 BTC, and President Bukele has consistently predicted the market bottom. But he missed it this time by seven minutes as the BTC price briefly dropped to $42,874 before recovering above $47,000.

People in El Salvador warned the President of possible market losses and how they could affect the country’s treasury when the BTC price was under $40K in September. President Bukele, on the other hand, correctly identified the market bottom in October, when BTC hit $69K. Schools and hospitals are now being built in El Salvador thanks to the country’s Bitcoin fortune.

Related Topics:CryptoMoneyNewsUp Next

Bitcoin, Ethereum, and Coins Shiba Inu and Dogecoin are all seeing sudden drop in last few hours

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Jack Dorsey going all in with Crypto?

In spite of hurdles BuzzFeed to go public

Click to commentLeave a Reply Cancel replyMoneyBitcoin, Ethereum, and Coins Shiba Inu and Dogecoin are all seeing sudden drop in last few hours

Published

3 hours ago

on

December 4, 2021

By

The West News Bitcoin, Ethereum, and Coins Shiba Inu and Dogecoin are all seeing sudden drop in last few hours

Global crypto market capitalization fell 6.16 percent at 8 a.m., with a total market capitalization of $2.43 trillion, according to coinmarketcap.com, a global crypto exchange. The total crypto market volume is $137.47 billion, with an increase of 19.53 percent in the last 24 hours.

As of 8 am, Bitcoin (BTC) was trading at $53,029.87 with a drop of 6.88% over a 24-hour period. While Bitcoin is down 5.62 percent over the last seven days and has a market share of 41.19 percent, the coin’s value has decreased by 1.4% in the last 24 hours.

Over the past 24 hours, Ethereum (ETH) has lost 7.34 percent of its value and was trading at $4,154.68. Binance Coin (BNB) was trading at $587.01 with a loss of over 4.12% over the last 24 hours. At $1, Tether (USDT), the fourth-largest cryptocurrency by market capitalization, was down 0.02 percent. During the last 24 hours, the price of Solana (SOL) fell by 9.99 percent and it ranked fifth in the CoinMarketCap.com list; it was trading at $204.62.

There has been a steady decline in coinmarketcap.com in the last 24 hours for all major meme coins, including Dogecoin, Shiba Inu (SHIB), Dogelon Mars (ELON), and Samoyedcoin (SAMO).

Top meme coin in terms of market price Dogecoin fell 4.53 percent in the last 24 hours and was trading at $0.1973, while Shiba Inu saw a 4.22 percent drop and was trading at $0.00003968 at 8 a.m.

A 7.08 percent drop in the last 24 hours has seen Dogelon Mars (ELON) trade at $0.000001392, while Samoyedcoin (SAMO) was trading at $0.06268 and has seen a 0.94 percent drop in the last 24 hours, according to coinmarketcap.com.

Continue ReadingMoneyA Cryptocurrency Robbery! Almost $120 million in cryptocurrency has been stolen from BadgerDAO by hackers

Published

3 hours ago

on

December 4, 2021

By

The West News A Cryptocurrency Robbery! Almost $120 million in cryptocurrency has been stolen from BadgerDAO by hackers

An online fraudster managed to steal $120 million worth of cryptocurrency! In the end, it was the investors who took the brunt of the losses! A total of $120 million has been stolen from a number of cryptocurrency wallets linked to BadgerDAO, a decentralised financial platform. Approximately $120 million worth of cryptocurrency tokens were stolen in the cyberattack, according to blockchain security and data analytics firm Peckshield, which is working with online finance platform Badger to investigate the crypto heist. So that no further withdrawals can be made while the investigation is ongoing, the platform has temporarily halted all online contracts. To learn how the attacker managed to bypass two-factor authentication and connect to Cloudflare using an API key, Badger is looking into the matter.

PeckShield cites a single move that netted the attacker 896 Bitcoin worth more than $50 million. According to the researchers, the malicious code first appeared on November 10 and was executed at seemingly random intervals by the attackers in order to avoid detection. Badger team members have warned users that they believe hackers are installing a malicious script into the user interface of their website, even though the investigation is still ongoing. While the script was running, it tracked all Web3 transactions and sent a request to the attacker’s specified location to transfer the victim’s tokens.

BadgerDAO  Tweeted “Badger has retained data forensics experts Chainalysis to explore the full scale of the incident & authorities in both the US & Canada have been informed & Badger is cooperating fully with external investigations as well as proceeding with its own,”

In order to allow cryptocurrency owners to engage in more traditional financial activities like earning interest through lending, decentralised finance, or DeFi, systems, make use of blockchain technology. According to a press release from BadgerDAO, “rest easy knowing you never have to give over the private keys for your crypto, you can withdraw whenever you want, and our strategists are working day and night to put your assets to work,” As a result of the protocol’s token, Bitcoin holders can now take advantage of DeFi opportunities that they would not have had otherwise been able to access on the Ethereum platform.

Continue ReadingMoneyJack Dorsey going all in with Crypto?

Published

4 hours ago

on

December 4, 2021

By

The West News Jack Dorsey going all in with Crypto?

Due to all the upcoming changes, Jack Dorsey, the former CEO of Twitter, has been making headlines. To begin with, the financial services app that he co-founded in 2009, known as Square, will be renamed Block, in addition to his resignation as CEO.

There have been many changes in the last decade to what was once known as Square, but now it is a redesigned application aligned with blockchain technology. Even though the app’s name has changed, the mission to provide economic empowerment remains the same as it was with Square.

With its card reader product, which allows merchants to process payments using their smartphones, Square got its start on the cheap. It was innovative enough to keep developing new features, even though the financial services had a limited utility for consumers and merchants at the outset.

Trading in cryptocurrencies and stocks, as well as money lending, are all part of this package. Additionally, Square increased its investment in Tidal, a music streaming service, by acquiring a sizable portion of the company. Cash and stock were exchanged for an estimated $297 million during the transaction process.

In light of Square’s rapid expansion and development, it was decided that a rebranding was in order. CashApp, Tidal, square, and a future decentralised exchange (DEX) for Bitcoin (TBD54566975) all fall under the umbrella name “Block.”

This is what Square says about itself in their blog: “The name has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome.”

The complete rebranding will begin on December 10th, 2021, but the NYSE ticker for Square (SQ) will not change at this time, so stockholders do not need to take any action to keep their shares.

CashApp, Tidal, Square, and TBD54566975, the company’s subsidiaries, will all continue to operate under their existing names despite the company’s announcement of its rebranding.

However, Square Crypto, a separate initiative dedicated to the development of advancements for Bitcoin, has changed its name to Spiral as a result of the announcement of the name change. Despite the company’s new look, Dorsey is steadfast in his belief that the company and its initiatives will continue to succeed “No matter how we grow or change, we will continue to build tools to help increase access to the economy.”

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An online fraudster managed to steal $120 million worth of cryptocurrency! In the end, it was the investors who took the brunt of the losses! A total of $120 million has been stolen from a number of cryptocurrency wallets linked to BadgerDAO, a decentralised financial platform. Approximately $120 million worth of cryptocurrency tokens were stolen in the cyberattack, according to blockchain security and data analytics firm Peckshield, which is working with online finance platform Badger to investigate the crypto heist. So that no further withdrawals can be made while the investigation is ongoing, the platform has temporarily halted all online contracts. To learn how the attacker managed to bypass two-factor authentication and connect to Cloudflare using an API key, Badger is looking into the matter.

PeckShield cites a single move that netted the attacker 896 Bitcoin worth more than $50 million. According to the researchers, the malicious code first appeared on November 10 and was executed at seemingly random intervals by the attackers in order to avoid detection. Badger team members have warned users that they believe hackers are installing a malicious script into the user interface of their website, even though the investigation is still ongoing. While the script was running, it tracked all Web3 transactions and sent a request to the attacker’s specified location to transfer the victim’s tokens.

BadgerDAO  Tweeted “Badger has retained data forensics experts Chainalysis to explore the full scale of the incident & authorities in both the US & Canada have been informed & Badger is cooperating fully with external investigations as well as proceeding with its own,”

In order to allow cryptocurrency owners to engage in more traditional financial activities like earning interest through lending, decentralised finance, or DeFi, systems, make use of blockchain technology. According to a press release from BadgerDAO, “rest easy knowing you never have to give over the private keys for your crypto, you can withdraw whenever you want, and our strategists are working day and night to put your assets to work,” As a result of the protocol’s token, Bitcoin holders can now take advantage of DeFi opportunities that they would not have had otherwise been able to access on the Ethereum platform.

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Click to commentLeave a Reply Cancel replyMoneyBitcoin, Ethereum, and Coins Shiba Inu and Dogecoin are all seeing sudden drop in last few hours

Published

3 hours ago

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December 4, 2021

By

The West News Bitcoin, Ethereum, and Coins Shiba Inu and Dogecoin are all seeing sudden drop in last few hours

Global crypto market capitalization fell 6.16 percent at 8 a.m., with a total market capitalization of $2.43 trillion, according to coinmarketcap.com, a global crypto exchange. The total crypto market volume is $137.47 billion, with an increase of 19.53 percent in the last 24 hours.

As of 8 am, Bitcoin (BTC) was trading at $53,029.87 with a drop of 6.88% over a 24-hour period. While Bitcoin is down 5.62 percent over the last seven days and has a market share of 41.19 percent, the coin’s value has decreased by 1.4% in the last 24 hours.

Over the past 24 hours, Ethereum (ETH) has lost 7.34 percent of its value and was trading at $4,154.68. Binance Coin (BNB) was trading at $587.01 with a loss of over 4.12% over the last 24 hours. At $1, Tether (USDT), the fourth-largest cryptocurrency by market capitalization, was down 0.02 percent. During the last 24 hours, the price of Solana (SOL) fell by 9.99 percent and it ranked fifth in the CoinMarketCap.com list; it was trading at $204.62.

There has been a steady decline in coinmarketcap.com in the last 24 hours for all major meme coins, including Dogecoin, Shiba Inu (SHIB), Dogelon Mars (ELON), and Samoyedcoin (SAMO).

Top meme coin in terms of market price Dogecoin fell 4.53 percent in the last 24 hours and was trading at $0.1973, while Shiba Inu saw a 4.22 percent drop and was trading at $0.00003968 at 8 a.m.

A 7.08 percent drop in the last 24 hours has seen Dogelon Mars (ELON) trade at $0.000001392, while Samoyedcoin (SAMO) was trading at $0.06268 and has seen a 0.94 percent drop in the last 24 hours, according to coinmarketcap.com.

Continue ReadingMoneyEl Salvador buys the dip once more as Bitcoin Drops $9K in an Hour

Published

3 hours ago

on

December 4, 2021

By

The West News El Salvador buys the dip once more as Bitcoin Drops $9K in an Hour

By the end of the trading day on Saturday, top cryptocurrencies had lost more than 10% of their value and the market cap had dropped by nearly 20%. Market capitalization of the Bitcoin (BTC) fell below $1 trillion for the first time in two months, while the value of Ethereum (ETH) also fell below $4,000.

This morning’s crypto market bloodbath may have been a disaster for traders, but it provided El Salvador with an excellent opportunity to buy a new dip. During the recent market crash, Nayib Bukele announced that the Central American nation had purchased an additional 150 BTC at an average price of $48,670.

Since El Salvador became the first country to legalise Bitcoin in September, it has become a tradition to buy the Bitcoin Dips. Since September, the country has purchased 150 BTC, and President Bukele has consistently predicted the market bottom. But he missed it this time by seven minutes as the BTC price briefly dropped to $42,874 before recovering above $47,000.

People in El Salvador warned the President of possible market losses and how they could affect the country’s treasury when the BTC price was under $40K in September. President Bukele, on the other hand, correctly identified the market bottom in October, when BTC hit $69K. Schools and hospitals are now being built in El Salvador thanks to the country’s Bitcoin fortune.

Continue ReadingMoneyJack Dorsey going all in with Crypto?

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4 hours ago

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December 4, 2021

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The West News Jack Dorsey going all in with Crypto?

Due to all the upcoming changes, Jack Dorsey, the former CEO of Twitter, has been making headlines. To begin with, the financial services app that he co-founded in 2009, known as Square, will be renamed Block, in addition to his resignation as CEO.

There have been many changes in the last decade to what was once known as Square, but now it is a redesigned application aligned with blockchain technology. Even though the app’s name has changed, the mission to provide economic empowerment remains the same as it was with Square.

With its card reader product, which allows merchants to process payments using their smartphones, Square got its start on the cheap. It was innovative enough to keep developing new features, even though the financial services had a limited utility for consumers and merchants at the outset.

Trading in cryptocurrencies and stocks, as well as money lending, are all part of this package. Additionally, Square increased its investment in Tidal, a music streaming service, by acquiring a sizable portion of the company. Cash and stock were exchanged for an estimated $297 million during the transaction process.

In light of Square’s rapid expansion and development, it was decided that a rebranding was in order. CashApp, Tidal, square, and a future decentralised exchange (DEX) for Bitcoin (TBD54566975) all fall under the umbrella name “Block.”

This is what Square says about itself in their blog: “The name has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome.”

The complete rebranding will begin on December 10th, 2021, but the NYSE ticker for Square (SQ) will not change at this time, so stockholders do not need to take any action to keep their shares.

CashApp, Tidal, Square, and TBD54566975, the company’s subsidiaries, will all continue to operate under their existing names despite the company’s announcement of its rebranding.

However, Square Crypto, a separate initiative dedicated to the development of advancements for Bitcoin, has changed its name to Spiral as a result of the announcement of the name change. Despite the company’s new look, Dorsey is steadfast in his belief that the company and its initiatives will continue to succeed “No matter how we grow or change, we will continue to build tools to help increase access to the economy.”

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Known for its viral content and journalism, BuzzFeed, an American digital company, will go public on Monday after raising less money than expected.

An initial public offering (IPO) to acquire an existing company is the goal of a special purpose acquisition (SPAC) formed by BuzzFeed and 890 5th Avenue Partners, a private equity firm based in New York City.

It is anticipated that Buzzfeed’s shares will begin trading on the Nasdaq on Monday under the ticker symbol “BZFD.”

The SPAC deal announced in June raised just $16 million for BuzzFeed, which aimed to be valued on Wall Street at $1.5 billion.

More than half of the investors in BuzzFeed’s 5th Avenue Partners withdrew from the company.

Additionally, the digital company received debt financing in the amount of $150 million.

Founded in 2006, BuzzFeed has since expanded its offerings to include a Pulitzer Prize-winning news division, a YouTube channel, and a podcast network.

In November 2020, a New York-based platform purchased the Huffington Post news site from Verizon without revealing the purchase price.

After nearly two years of negotiations, Buzzfeed employees staged a 24-hour walkout in protest of the company’s failure to offer certain contract conditions, such as a $50,000 salary base, after the company’s public listing just days earlier.

This is all while BuzzFeed is gearing up to go public and enrich its executives even further, the union claimed on Twitter.

BuzzFeed has also acquired Verizon-Hearst-owned Complex Networks as part of the SPAC deal.

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Click to commentLeave a Reply Cancel replyMoneyBitcoin, Ethereum, and Coins Shiba Inu and Dogecoin are all seeing sudden drop in last few hours

Published

3 hours ago

on

December 4, 2021

By

The West News Bitcoin, Ethereum, and Coins Shiba Inu and Dogecoin are all seeing sudden drop in last few hours

Global crypto market capitalization fell 6.16 percent at 8 a.m., with a total market capitalization of $2.43 trillion, according to coinmarketcap.com, a global crypto exchange. The total crypto market volume is $137.47 billion, with an increase of 19.53 percent in the last 24 hours.

As of 8 am, Bitcoin (BTC) was trading at $53,029.87 with a drop of 6.88% over a 24-hour period. While Bitcoin is down 5.62 percent over the last seven days and has a market share of 41.19 percent, the coin’s value has decreased by 1.4% in the last 24 hours.

Over the past 24 hours, Ethereum (ETH) has lost 7.34 percent of its value and was trading at $4,154.68. Binance Coin (BNB) was trading at $587.01 with a loss of over 4.12% over the last 24 hours. At $1, Tether (USDT), the fourth-largest cryptocurrency by market capitalization, was down 0.02 percent. During the last 24 hours, the price of Solana (SOL) fell by 9.99 percent and it ranked fifth in the CoinMarketCap.com list; it was trading at $204.62.

There has been a steady decline in coinmarketcap.com in the last 24 hours for all major meme coins, including Dogecoin, Shiba Inu (SHIB), Dogelon Mars (ELON), and Samoyedcoin (SAMO).

Top meme coin in terms of market price Dogecoin fell 4.53 percent in the last 24 hours and was trading at $0.1973, while Shiba Inu saw a 4.22 percent drop and was trading at $0.00003968 at 8 a.m.

A 7.08 percent drop in the last 24 hours has seen Dogelon Mars (ELON) trade at $0.000001392, while Samoyedcoin (SAMO) was trading at $0.06268 and has seen a 0.94 percent drop in the last 24 hours, according to coinmarketcap.com.

Continue ReadingMoneyEl Salvador buys the dip once more as Bitcoin Drops $9K in an Hour

Published

3 hours ago

on

December 4, 2021

By

The West News El Salvador buys the dip once more as Bitcoin Drops $9K in an Hour

By the end of the trading day on Saturday, top cryptocurrencies had lost more than 10% of their value and the market cap had dropped by nearly 20%. Market capitalization of the Bitcoin (BTC) fell below $1 trillion for the first time in two months, while the value of Ethereum (ETH) also fell below $4,000.

This morning’s crypto market bloodbath may have been a disaster for traders, but it provided El Salvador with an excellent opportunity to buy a new dip. During the recent market crash, Nayib Bukele announced that the Central American nation had purchased an additional 150 BTC at an average price of $48,670.

Since El Salvador became the first country to legalise Bitcoin in September, it has become a tradition to buy the Bitcoin Dips. Since September, the country has purchased 150 BTC, and President Bukele has consistently predicted the market bottom. But he missed it this time by seven minutes as the BTC price briefly dropped to $42,874 before recovering above $47,000.

People in El Salvador warned the President of possible market losses and how they could affect the country’s treasury when the BTC price was under $40K in September. President Bukele, on the other hand, correctly identified the market bottom in October, when BTC hit $69K. Schools and hospitals are now being built in El Salvador thanks to the country’s Bitcoin fortune.

Continue ReadingMoneyA Cryptocurrency Robbery! Almost $120 million in cryptocurrency has been stolen from BadgerDAO by hackers

Published

3 hours ago

on

December 4, 2021

By

The West News A Cryptocurrency Robbery! Almost $120 million in cryptocurrency has been stolen from BadgerDAO by hackers

An online fraudster managed to steal $120 million worth of cryptocurrency! In the end, it was the investors who took the brunt of the losses! A total of $120 million has been stolen from a number of cryptocurrency wallets linked to BadgerDAO, a decentralised financial platform. Approximately $120 million worth of cryptocurrency tokens were stolen in the cyberattack, according to blockchain security and data analytics firm Peckshield, which is working with online finance platform Badger to investigate the crypto heist. So that no further withdrawals can be made while the investigation is ongoing, the platform has temporarily halted all online contracts. To learn how the attacker managed to bypass two-factor authentication and connect to Cloudflare using an API key, Badger is looking into the matter.

PeckShield cites a single move that netted the attacker 896 Bitcoin worth more than $50 million. According to the researchers, the malicious code first appeared on November 10 and was executed at seemingly random intervals by the attackers in order to avoid detection. Badger team members have warned users that they believe hackers are installing a malicious script into the user interface of their website, even though the investigation is still ongoing. While the script was running, it tracked all Web3 transactions and sent a request to the attacker’s specified location to transfer the victim’s tokens.

BadgerDAO  Tweeted “Badger has retained data forensics experts Chainalysis to explore the full scale of the incident & authorities in both the US & Canada have been informed & Badger is cooperating fully with external investigations as well as proceeding with its own,”

In order to allow cryptocurrency owners to engage in more traditional financial activities like earning interest through lending, decentralised finance, or DeFi, systems, make use of blockchain technology. According to a press release from BadgerDAO, “rest easy knowing you never have to give over the private keys for your crypto, you can withdraw whenever you want, and our strategists are working day and night to put your assets to work,” As a result of the protocol’s token, Bitcoin holders can now take advantage of DeFi opportunities that they would not have had otherwise been able to access on the Ethereum platform.

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